Commission hears FY‑24 fund‑balance review, approves $33M GO bond sale and clears $571K in obsolete receivables; adopts economic‑development community dialogues

Bernalillo County officials presented an unaudited FY‑24 fund‑balance report on March 25 and the Board of County Commissioners took several finance and economic development actions: they approved the County’s General Obligation Bond Series 2025 sale, approved removal of $571,000 in uncollectible accounts receivable and adopted a resolution directing a community engagement process for economic development incentives and benefits.

Deputy County Manager for Finance Shirley Reagan walked commissioners through the fund‑balance framework and categories the county tracks: non‑spendable items (inventories), restricted special‑revenue balances, committed and assigned funds and unassigned reserves. Reagan said the county’s unaudited general‑fund fund balance at June 30, 2024, was roughly $402 million (preliminary and subject to the FY‑24 audit). She reviewed the county’s 25 percent DFA (state) reserve requirement and the county’s additional one‑month operating reserve in the general fund and explained how encumbered and unencumbered carryovers, pension reserves and capital reserves are reported.

The county also presented the results of a competitive sale of the General Obligation Bond Series 2025. Denise Benavides of Finance summarized the sale: the county sold $32,980,049.35 of bonds to fund voter‑authorized capital projects (roads, storm drains, libraries, public safety, parks and public housing). The sale produced a true interest cost of about 3.25 percent; the total interest cost over the life of the bond series was shown as about $7.75 million. Commissioners approved the financial resolution to accept and budget the sale proceeds on a 5‑0 vote.

On receivables, Accounting and Budget staff requested approval to remove certain uncollectible accounts that had aged beyond legal collection windows, a total of approximately $571,000. The largest single portion of that amount was in Solid Waste receivables (about $348,000). Staff and county legal counsel explained these are "time‑barred" by statute, that collection attempts had been made, and that the write‑offs reflect accounting practice to clean up very old, uncollectible items. The commission approved the write‑offs 5‑0.

Separately, commissioners unanimously adopted a resolution sponsored by Commissioner Barbara Baca to create an Economic Development Community Dialogues process. The resolution asks staff to form a working group with broad representation to advise on economic development priorities and a community outreach strategy. The board discussed stipend and childcare supports for community appointees and directed staff to proceed; the resolution passed 5‑0.

What’s next: Finance staff will proceed with routine audit closeout processes and return audited FY‑24 financial statements when complete; bond proceeds are available for the projects identified in the November 2024 voter authorization; staff will present a detailed plan for implementing the community dialogues and working‑group membership requirements.