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Council approves rollover budget amendments and accepts June 30 quarter report; finance director says city remains on solid footing
Summary
Council authorized rollover budget amendments to rebudget incomplete FY 2024–25 capital items (M83-25) and accepted the quarter-ended June 30 budget-to-actual report (M84-25). Finance Director Carl Johnson said the results were positive, under-budget department spending created carryover that will be applied toward capital.
The council approved the rollover budget amendment to rebudget incomplete items from FY 2024–25 into FY 2025–26 (motion M83-25) and accepted the quarter-ended June 30 budget-to-actual report (motion M84-25).
Finance Director Carl Johnson explained the rollover: annual budgets lapse at fiscal year end, and capital or multiyear projects that were not complete must be rebudgeted. "So what we do is...we do what's called the rollover budget, and that's what's before you tonight," Johnson said. He said the adjustment is net-zero in practical terms because the funds were not spent in the prior year and the unspent amounts carried into fund balance.
Johnson said the city ended the year in strong position, with most departments under budget and restricted funds moved into separate funds (for example, a new opioid fund and a parking fund created this year). He told council the city is rebuilding its water/sewer catastrophic reserve and preparing for a large multi-year water-main replacement project. Johnson said auditors will begin fieldwork in about a week and staff will finalize audit schedules.
Council approved both motions by roll call. Members commended finance staff for conservative budgeting and for creating funding structures to support capital priorities.
