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Wixom council approves year-end budget amendments, records $277,000 net increase to fund balance
Summary
Council adopted year-end budget amendments to align fiscal-year 2024–25 revenues and expenditures with activity, resulting in a net increase to fund balance of about $277,000.
The Wixom City Council approved year-end budget amendments and requests for commitments of fund balance to comply with the Uniform Budget Act and Governmental Accounting Standards Board Statement No. 54, and to better reflect fiscal year 2024–25 revenues and expenditures. Finance staff presented the amendments as the final opportunity to change the budget before the new fiscal year.
Finance presenter Miss Stamper said the majority of the amendments are in the general fund and that the net effect of the changes is a fund balance increase of just over $277,000. She explained the amendments align recorded revenues and expenditures with actual activity through the fiscal year and that this is the last meeting in June when such changes can be made.
Council asked no substantive questions and approved the recommendation by voice vote. The council recorded the motion as the final budget amendment for the fiscal year and moved on to other agenda items.
The amendment was made to comply with state budget timing and to reflect year-end financial adjustments; specific line-item changes were described in the meeting packet but not read aloud in full during the meeting.
