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Victoria council approves 2024 year‑end fund balance assignments and transfers, commits $808,406 to revenue stabilization
Summary
Finance director Nicole Pollock told the council the city must assign fund balances and authorize transfers to balance the 2024 budget; council approved three resolutions including a $1,066,677 transfer to the Long Term Street Maintenance Fund and a temporary interfund loan to TIF 1‑9.
The City of Victoria council approved three resolutions to finalize 2024 year‑end fund balance assignments and transfers and to create a revenue stabilization commitment after Finance Director/Assistant City Manager Nicole Pollock reviewed carryovers, risk‑management reserves and upcoming cash‑flow needs.
"Cities are required by law to have a balanced budget," Pollock told the council, explaining why the city must assign fund balances and authorize transfers after the fiscal year closes. She said staff recommended committing $808,406 to a revenue stabilization fund to cover building permit revenues that exceeded budgeted amounts.
Pollock listed assigned fund balances and one‑time carryovers: $40,000 for community development projects and studies; reserve amounts for legal fees and insurance renewals, compensated absences, and employee insurance benefit fluctuations; $8,000 carryover for playground replacement at Deer Run; park sign replacements partly funded with American Rescue Plan Act funds; $25,000 for a West Growth area small area plan; $5,000 for vehicle lighting on a CSO vehicle; and previously approved items including the Poppets Field scoreboard and NATO conference expenses.
On transfers, staff recommended $1,066,677 be moved into the Long Term Street Maintenance Fund to provide cash flow for several road projects while state and federal reimbursements are pending. Pollock also described a temporary interfund loan to TIF 1‑9 (the RORS project) to cover startup county fees; she said the loan will be reversed once TIF revenues begin. Two debt service funds were identified for closure and required formal council action.
Council took three separate motions: to approve the fund balance assignment and transfers for year end 2024; to approve the year‑end transfer to the revenue stabilization fund; and to approve temporary interfund accounting and financial reporting needed to close and reconcile funds. Each motion was seconded and carried with an affirmative voice vote.
