Finance consultants report special revenue and enterprise fund balances; SLURF funds reallocated to CIP
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Summary
City consultant Kelly Telfort and finance staff briefed the commission on FY23–24 reconciliations and FY24–25 projected fund balances for special revenue and enterprise funds; staff said SLURF funds were expended on public services and remaining CIP needs moved to Fund 116.
Finance staff and consultant Kelly Telfort briefed the commission on updated projected fund balances for FY24–25 covering special revenue and enterprise funds and described the status of SLURF funds and measurement‑linked accounts.
Telfort said consultants from LSL worked with staff to complete the FY23–24 reconciliation and develop FY24–25 projected balances; the general fund was not part of this tab because it was discussed earlier in a separate schedule. She explained the column on the left is the unaudited beginning balance as of June 30, 2024, and the rightmost column shows projected ending balances as of June 30, 2025, which will become next year’s beginning balances for the FY25–26 budget.
On SLURF funds, staff said the SLURF monies were expended on public services so the SLURF balances were used and that general fund dollars previously covering certain CIP projects were moved into Fund 116 to continue funding those capital projects. “We did not lose any of those dollars,” a staff member said; “they were transferred to another fund and will be used in upcoming CIPs.”
Telfort said the unaudited beginning balances are unlikely to change because the FY23–24 audit is nearly complete; projected ending balances could vary depending on timing of receivables and the speed of capital projects. She pointed to specific funds such as Measure M and RMRA (Road Maintenance and Rehabilitation Account) that show larger projected ending balances driven by ongoing construction projects. Telfort also noted that large enterprise fund balances (for example, a large water fund balance cited at about $88 million) include capital assets and do not equate to spendable cash.
Commissioners pressed staff on confidence in the numbers and on governance improvements; staff and consultant said they are tightening monthly closes, will correct residual line‑item activity from closed funds, and expect to be more current as FY24–25 month ends are finalized. No formal action was taken; the discussion was recorded as informational feedback to staff prior to presentation to Council.
