[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6561612,"mediaKeyId","3288764-db32d2a5d1e2518cc874b9fe010a728b","parentId",3288764,"title","Finance staff proposes overhaul of $1.50 fund for vehicle replacement and depreciation","audioSeconds",324,"startMs",780000,"endMs",1104000,"viewUrl","/Search/View?dp=1&key=3288764-db32d2a5d1e2518cc874b9fe010a728b&start=780&end=1104","thumbnailUrl","https://assets.pipeline.soar.com/3288764-db32d2a5d1e2518cc874b9fe010a728b/thumbnail_780000.jpg","articleUrl","/articles/6561612/Tennessee/Finance-staff-proposes-overhaul-of-150-fund-for-vehicle-replacement-and-depreciation","mediaUrl","https://secure.pipeline.soar.com/6561612-90705be0e26bc2d8a5f55b80fdbdfec9/orig.mp4?Expires=1770997086&Signature=FmvnytBjuo6eiOwfFOHJz2mRIesYa8vdmokF5mY2pdHNN5d0nNZXBfjH9p~yj48bnHg6N8KuCpuykYWboesQnesFgUcn5jYZkPO2vhY4pi89DxVGTY~bnYHcWsncPMDASLM3H0EIb22FF9ph5znkPcl8Ar8prCJW9EDEBHedFtgeQEE8am9PYo2~wwkjOz3ViiyEFBMrkiA2~TzwHEOU-m-nheEbkXffE-zjWU6yFfOmMWbOmRjQtmrC8Mv0~ygVfm2EXlIK3iJt9FQLmLbYeVi4CEsmsANgp7D7dI-LAkPnEx~~zBfpPWHmSjHH7Vhf2dpc~RqARcOL31~~ojOs9w__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Spring Hill, TN","date","2025-05-05T00:00:00Z","article","Finance staff presented a discussion paper on the city’s $1.50 fund—a depreciation-style account intended to smooth replacement of vehicles and equipment—and asked the Budget and Finance Advisory Committee for direction on policy and operational details.

Miss Holden said the fund currently has little cash and may not have been adequately seeded when created. She said the city depreciates vehicles by original purchase value, which may understate replacement cost over time, and asked whether different departments should use different useful-life assumptions (for example, police vehicles endure heavier use than pool vehicles).

Committee members discussed using condition-based replacement rather than strictly accounting life, and suggested staff meet with department heads (police, public works, fire) to define realistic useful lives and replacement policies. Alderman Fuquay referenced public-works inventories and noted examples of very old equipment in use; other members suggested surveying neighboring cities for comparative useful-life practices and consulting insurance carriers for valuation in wreck/loss scenarios.

Holden said it will take several months to redesign the fund and that staff will return with options, including whether to set department-specific depreciation schedules, adjust replacement targets to reflect market prices, and how to seed the fund initially to ensure cash availability for replacements.

The item was a policy discussion; no formal motion or funding decision was made.","mediaType","Video","parentTitle","Budget & Finance Committee Meeting Monday, May 5, 2025","oneSentenceSummary","Finance staff asked the Budget and Finance Committee for direction on revitalizing the city’s $1.50 replacement fund, including seeding, useful-life assumptions per department and whether to replace vehicles at accounting end-of-life or on condition.","taxTitle","Budget and Finance Committee Meetings, Spring Hill, Maury County, Tennessee","taxId",79800,"location","Tennessee","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6561617,"Committee flagged $555,000 general-fund shortfall, asked for prioritized cuts and clearer fund-balance reports",1354,1271000,2625000,"/Search/View?dp=1&key=3288764-db32d2a5d1e2518cc874b9fe010a728b&start=1271&end=2625","https://assets.pipeline.soar.com/3288764-db32d2a5d1e2518cc874b9fe010a728b/thumbnail_1271000.jpg","/articles/6561617/Tennessee/Committee-flagged-555000-general-fund-shortfall-asked-for-prioritized-cuts-and-clearer-fund-balance-reports","https://secure.pipeline.soar.com/6561617-0abb8b47cd2891e74c7c8435490cd24b/orig.mp4?Expires=1770997086&Signature=bQN2~cvBQjNCwdInsQIKt4uYsivozQKtUixsSphYtRJTOeMqDWEHrXAjElIOpgt-zaRv8g-W9kp2-czsCHd63GGLCsfvcN9qHIxLON9mFkW2SSOpM2xtH3TBWFfAoNlBJMIW56ohwOoOT4uJD704letMRFSmQ-0AfZGppmIRskhnbC7STsVpkSsXV2pHr209ZE7BakI~4cvUd0Zg5s2fSesWv6S5xsAt9UkUO-l16Q7RvU1P5v3QxpxwOqP~Mj0fyDlcaS5xQxtb2YaGVjUVJLDfwVk1y9IU-FFEX1OAQuOvtOCqU9rksYI6gg5tXv60DXwQocZ6FrzpK4XMMu4SVA__&Key-Pair-Id=KUT5TJCACFTXG","City finance staff told the Budget and Finance Advisory Committee that the draft FY26 general fund shows a $555,000 shortfall after recent changes, up from an earlier $384,000 deficit.

Miss Holden said she circulated fund reports and noted the draft numbers could change when final property-assessment figures from county assessors are received; those numbers are expected to be finalized in the coming week. She asked the committee for guidance on whether to reduce the deficit now or wait for final tax numbers before making adjustments ahead of first-reading ordinances.

Aldermen told staff they prefer passing a structurally balanced budget where possible and asked staff to identify nonpriority general-fund items that could be cut. Several members urged that budget decisions be conservative given uncertainties in 2026 and the city’s other obligations.

During the FY25 update and other remarks, Holden also reported recent fraudulent charges on a small number of P-cards that bank staff identified as bank-side fraud; affected cards were canceled and new cards issued, and Holden said emails were sent to department heads. She proposed developing a fund-balance report showing breakdowns (unassigned, rainy-day, committed funds) so elected officials see the available fund balance before making commitments.

Separately, committee members asked Holden to develop a high-level BFAC dashboard of top financial metrics (year-to-date revenue and expenditures vs. budget, elastic tax trends such as sales tax and hotel-motel tax, and simple red-yellow-green flags for metrics that need attention). Holden said she will prepare a draft dashboard for the next meeting and invited written metric suggestions from members.

Committee members said elections during budget season complicated the process and urged staff to return with grouped lists of nonessential items to consider for cuts in a future meeting.","Finance staff told the committee the general fund deficit moved from $384,000 to $555,000 in draft FY26 numbers; members asked for structurally balanced budgeting, clearer fund-balance breakdowns and a dashboard of key metrics.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6561622,"Finance director halts FY24 audit sign-off pending auditor backup; new firm recommended",337,281000,618000,"/Search/View?dp=1&key=3288764-db32d2a5d1e2518cc874b9fe010a728b&start=281&end=618","https://assets.pipeline.soar.com/3288764-db32d2a5d1e2518cc874b9fe010a728b/thumbnail_281000.jpg","/articles/6561622/Tennessee/Finance-director-halts-FY24-audit-sign-off-pending-auditor-backup-new-firm-recommended","https://secure.pipeline.soar.com/6561622-15e9fe445c3a14cffe61c0b097bd3865/orig.mp4?Expires=1770997086&Signature=Jp5UW4D6k-s09WKFK8SLOd1ghlVa5SMTPItNhloty3Sl-zMbe6-3D6a2WC6MRmPCZU0MRLp9h0n2sgHzEHgA-c46z11RHZPaEcbgvfqfnsrZqMZbMK6fEthWgkf9q~RYsyUCLiqLelvjWo~U3XBe9~FVc9WLcJZFFxw1t6iZlmWKQ6MJuGsq1aYKCyfwi8DDeHiCx4wwcyevGhEPkWQhXlz6WCp9jDx9evE4kaTblzpPS~Kecv~~QMlHYxPPOQ81qbkuw21v13CUlLWKR-3E-gfhoACF7Z2qpptJBDbSdgvcRSWq9fddiprD-eAlqmv8t9R~DQHMK7UojG8L5ZskVg__&Key-Pair-Id=KUT5TJCACFTXG","City finance staff told the Budget and Finance Advisory Committee on May 5 that the fiscal year 2024 audit remains unsigned because the auditor has not provided requested backup documentation for adjusting journal entries.

Miss Holden said she has a final draft of the audit but is withholding signature until the auditor supplies supporting backup for entries that affect the financial statements. She said staff have requested that backup multiple times and will not finalize the audit until they receive it.

Committee members raised concerns about timing and consequences. Holden said the FY24 audit is months overdue—the audit for the fiscal year that ended Dec. 31 is due to the state by Dec. 31 each year—and that operating without a completed audit increases staff workload for next year, complicates grant applications and debt processes, and carries reputational and administrative penalties.

Holden said staff invited the auditor to present to the committee; the auditor cited a prior engagement and did not attend the May meeting. The committee discussed asking the auditor to present at a June meeting.

Separately, Holden updated the committee on a request for qualifications (RFQ) for audit services. She said the city opened RFQs last week, completed interviews, checked references and has a top choice: CLA, which has a Nashville office and would perform local, on-site work in the first year. Holden plans to bring a draft contract, including a cost proposal of about $60,000, to the Board of Mayor and Aldermen on May 19.

Committee members asked whether contractual payment terms can hold firms financially accountable for timeliness. Holden said the city must follow state comptroller requirements in audit contracts and that the contract is effectively a three-way arrangement with the state, limiting some enforcement options. She said she has documented communications with the current auditor and has raised expectations about timeliness with the firm being considered.

The committee did not vote on a contract at the meeting; Holden said staff will return with a draft contract and cost proposal.","City finance staff said the FY24 audit is delayed because the auditor has not provided requested backup for adjusting journal entries; staff also reported a top-choice audit firm (CLA) and plans to bring a contract with a roughly $60,000 cost proposal to the Board.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6561627,"Committee warned sewer moratorium could cut up to $8.4 million from capital funds",830,1684000,2514000,"/Search/View?dp=1&key=3288764-db32d2a5d1e2518cc874b9fe010a728b&start=1684&end=2514","https://assets.pipeline.soar.com/3288764-db32d2a5d1e2518cc874b9fe010a728b/thumbnail_1684000.jpg","/articles/6561627/Tennessee/Committee-warned-sewer-moratorium-could-cut-up-to-84-million-from-capital-funds","https://secure.pipeline.soar.com/6561627-a229a42881ea22c50795c32a30127765/orig.mp4?Expires=1770997086&Signature=MkmjkMTtUeUmmHg5DUbGK9QzfF18rMpjAi52j5C7429YNrKNsXXzwkJvPVX8juOGBT-O8yccdqvGSALa7FO4poE-mUk1Pv1Og3682rAzFupL5yfDycvFOZJSlUxfjvKUSn3m4RKokNqI7JYqR8l~B9MQfnyqFV6xRR2CTbdZCen71rY29muaMKanLrf1I3LmiCHkhr2~HzHf5mGvUCX0~JtgwrP9g5fTucRqZm8mGWixh23ljarjhC8ZU~hjopxg4Odn-pUEQJt0QVlufTMw~6cS7AC2-FuoFutTO-CI7xJFH936NYCmwmQyUYQqG1y4gGrVsMvSwiJMDouxD1eIPQ__&Key-Pair-Id=KUT5TJCACFTXG","Spring Hill’s Budget and Finance Advisory Committee was told Tuesday that a full moratorium on new sewer connections could eliminate an estimated $8.4 million in development-fee funding available for capital projects and shave about $2.5 million from development-related operating revenue.

The warning came during a presentation from Mr. Allen, who broke the potential losses into four dedicated development funds: $2.6 million in adequate-facilities tax revenue, $3.5 million in roadway impact fees, $1.1 million in water development fees and $1.2 million in sewer development fees. Allen said those totals describe a full-year, worst-case impact if major development activity effectively halted because new sewer connections were not allowed.

The committee’s finance staff and elected members discussed how those funds are legally restricted to specific capital uses. Allen said adequate-facilities taxes generally fund new public facilities such as police and fire stations, libraries and public-works buildings; roadway impact fees are limited to arterial road improvements; and water and sewer development fees must be used for system and plant expansion and collection improvements.

Allen also told the committee that development-services permit revenue—budgeted in the current year at about $2.5 million—would be at risk if development activity declines. That revenue supports planning, building inspections, portions of engineering and other operations within development services.

Alderman Fuquay, who raised the sewer-moratorium planning item, told staff the committee and the Board of Mayor and Aldermen will need to prioritize capital requests and consider the timing of any moratorium. Audra Mathieu, a city official who spoke during the discussion, urged the board to consider which capital projects remain highest priority if those dedicated funds decline.

Staff said the figures presented are high-level estimates drawn from current budgeted amounts and historical revenue patterns; the committee expects more detailed impact modeling after stakeholder meetings and additional staff analysis. Allen confirmed the numbers were modeled as full-year impacts (July 1 start), and said the longer a moratorium began into a fiscal year, the smaller the annual impact would be.

Committee members asked for ongoing briefings and emphasized that the funds cannot be freely mixed across categories; staff will return with refined estimates and scenario options for phasing or partial restrictions.

The discussion was informational; no formal action was taken.","City staff told the Budget and Finance Committee a full sewer moratorium could eliminate roughly $8.4 million in development-fee revenue and reduce about $2.5 million in permit-related operating revenue, forcing re-prioritization of capital projects.","actionData","errors"]

Article not found

Finance staff proposes overhaul of $1.50 fund for vehicle replacement and depreciation

Committee flagged $555,000 general-fund shortfall, asked for prioritized cuts and clearer fund-balance reports

Finance director halts FY24 audit sign-off pending auditor backup; new firm recommended

Committee warned sewer moratorium could cut up to $8.4 million from capital funds