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Budget team finds $2.5 million in interest income; recommends pay increases and reserve allocations
Summary
Staff identified roughly $2.5 million in additional interest income (including ARPA-related interest). The Budget Evaluation Team voted to receive updated revenue estimates, recommended a 3.2% employee salary adjustment retroactive to July 1, and moved $1.5 million of the additional ARPA interest into one-time general fund reserve.
County finance staff reported an upward revision to estimated interest income on Sept. 1 that increased available revenues by roughly $2.5 million. Christy (county finance staff) told the Budget Evaluation Team (BET) that catch-up entries and previously unpicked estimates caused the increase, including interest associated with ARPA funds.
The team voted to receive the updated estimate of revenues. After discussion about how to allocate the newly identified money, BET members took several recommendations to present to the budget board. Key recommendations and actions from the meeting:
- Receive updated revenue estimate: The BET unanimously moved and seconded a motion to receive the updated estimate of revenues for FY 2025-26,…
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