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Farmington council adopts FY25 final-quarter financial report and final FY26 budget
Summary
Council approved final cash-basis FY25 quarterly financials and adopted the fiscal year 2026 budget after staff presented year-end cash balances, investment holdings and carry-forward requests.
The Farmington City Council voted unanimously to approve the fiscal year 2025 fourth-quarter financial report and to adopt the city's final fiscal year 2026 budget.
Staff presented the fourth-quarter report (Resolution No. 2025-2002) and said the city reported approximately $335.1 million in revenues and $294.6 million in expenditures for FY25 on a cash basis, leaving an ending cash balance of roughly $206.4 million. The city reported total invested assets of about $162.9 million and said it earned $5.7 million in interest income during the fiscal year.
Jim Cox, staff member, explained the cash-to-accrual adjustments that appear in…
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