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CFO reports fiscal-year-to-date figures, fund‑balance concerns and debt context
Summary
CFO Cindy Vance presented budget-to-actual figures as of Aug. 31, 2025, reporting property‑tax timing effects, a lower-than-expected C‑tax payment, salaries near budget, and a need to raise ending fund balance toward a 16–20% target; she reviewed debt capacity and an insurance valuation figure used for underwriting.
Cindy Vance, chief fiscal officer for Truckee Meadows Fire, presented budget‑to‑actual financials as of Aug. 31, 2025 and briefed the board on revenue timing, expenditure levels and debt issues.
Revenue timing and C‑tax: Vance said the district is over budget year‑to‑date in total revenues because of the timing of property‑tax disbursements (a large August payment). She noted the first C‑tax distribution this year was lower than expected (about $840,000 versus a more typical amount near $950,000) and the state’s local government distributions and technology could affect timing.
Expenditures and fund balance: Salaries and employee benefits make up about 79% of the budget and the district is running slightly under budget for the period. Vance said the district’s ending fund balance is currently well under the target and the organization aims to grow it to about 16–20% to cover the July–August cash shortfall before major property‑tax disbursements.
Debt and valuation notes: Vance summarized the district’s debt instruments (leases and revenue bonds) and limits: a C‑tax limit of approximately 15% and a separate debt capacity figure cited in statute. For insurance purposes the buildings’ estimated value used at the last renewal was about $32,500,000 (buildings only, not contents); Vance clarified that was a roll‑forward estimate and not a full appraisal. She also noted the district retains the ability to issue debt but the bigger constraint is the capacity to pay based on current revenues and interest rates.
Special assessment and PILT: Vance located a historical special assessment from 2000 of $0.0277 per $100 of assessed value that funded a volunteer fire engine; she said that assessment last appeared on the tax roll in February (date in transcript). Chief Edwards and board members noted ongoing discussions with the county about potential use of PILT (payment in lieu of taxes) funds or a county loan to address near‑term cash needs.
Ending: The CFO said staff will continue to review budget options and provide monthly presentations; board members thanked staff for clarifying historical assessments and other details.
