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Finance staff reports low general fund balance and rising TIF balance ahead of budget workshop
Summary
Town finance staff told the Stevensville Town Council the general fund balance is low, the TIF fund has grown and the airport fund is under pressure; staff recommended reviewing budgets and potential amendments at upcoming workshops.
Town staff briefed the Stevensville Town Council on July 16 about the town’s cash position and variance to budget ahead of the fiscal-year budget process.
Finance staff gave headline figures: a general fund balance described as “low” and a tax-increment financing (TIF) fund at about $338,000, money restricted to a small area. The council aired concern about the airport fund, which staff said held about $33,000 and would require review as part of budget planning.
Why it matters: a lower general fund balance constrains the town’s flexibility for one-time spending and increases the need for the council to consider budget amendments and priorities for the coming year.
Staff said the town’s overall fiscal-year spending was roughly 84% of budget, with the general fund at about 91% of budgeted spending for the year. Staff identified specific lines that will likely require amendments, including building code enforcement (more inspections than budgeted) and airport capital costs tied to a recent fuel-tank purchase.
Staff also discussed capital needs in water and sewer: water spending exceeded budget by about 9% and sewer by about 4%, driven primarily by higher operating costs. The council scheduled a budget workshop for Aug. 7 to continue budget review and set a timeline for publishing the proposed budget.
