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Council told of budget shortfalls: staff proposes temporary street-fund subsidy while crafting long-term fixes
Summary
Finance staff reported the FY2024 general fund closed in deficit and that previously budgeted transfers from the utility fund are not sustainable. Staff proposed using the street fund as a one-time subsidy while preparing budget amendments and longer-term measures to rebuild reserves and segregate utility and general fund finances.
Angleton City Council on Jan. 14 was briefed on reconstructed budget books for fiscal year 2024'25 after the city's prior finance director departed and staff found multiple discrepancies.
Finance staff said the FY2023 general fund closed with about $3 million fund balance but that FY2024 closed with deficits: the general fund showed an approximate $570,000 deficit and the water fund about a $670,000 deficit in preliminary closeout numbers. Staff said transfers from the utility fund to support the general fund in prior years totaled about $1.545 million in the adopted budget, a…
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