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Consultant walks committee through 2024 budget amendments and 2025 capital rollovers
Summary
Ben Hart of Banker Tilly reviewed year-end budget amendments for 2024 and recommended rolling unspent capital allocations into the 2025 capital budget; staff said many amendments relate to economic-development bond payments and ARPA fund closures.
Ben Hart, a consultant with Banker Tilly, presented the committee with the city's 2024 year-end budget amendments and the proposed rollovers of unspent capital projects into the 2025 budget.
Hart told the committee that Missouri law requires budgets to be passed annually for each fund and that year-end amendments commonly capture revenue and payments that are reported after fiscal year close, particularly sales-tax receipts that are two months in arrears. "Sales tax is two months in arrears," Hart explained, describing why January and February receipts affect year-end accounting. He said the largest adjustments were related to economic-development debt service and surplus (one-time) payments on bond issues tied to projects…
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