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Commission staff report February net income, begin FY26 budget development after VTrans indirect rate approval
Summary
At the April 7 meeting staff presented February financials showing roughly $62,500 net income, accounts receivable increases, and reported VTrans approved the FY26 indirect rate at 64.84%. Staff said FY26 budget development has begun and a draft is targeted for the May meeting.
Staff presented the February profit-and-loss statement to the commission on April 7, saying the month’s P&L “reflects a net income of roughly $62,500.” Staff noted the report is largely unchanged from prior months and that specific line items remain consistent with previous reports.
Accounts receivable for February 2025 were shown as roughly $315,000; staff said the current total as of the meeting was about $337,000. Staff also reported that the commission submitted an FY26 indirect rate proposal to VTrans in March and that VTrans approved an FY26 indirect rate of 64.84 percent, up from about 62 percent the prior year.
On budgeting, staff said FY26 budget development has begun and that staff will meet with MKNI next week. The plan is to provide commissioners a draft budget at the May meeting to allow more review time before final adoption in June. For the remainder of FY25 staff will run one more budget exercise and asked department leads to submit projections for April through June to ensure a smooth year-end close.
Ending: Staff said overall finances appear “so far so good” and that the commission expects to finish FY25 in the black, barring unforeseen changes to federal funding streams.
