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Board approves FY2025 budget amendment and accepts fourth-quarter financial report
Summary
Board approved an amendment to the SCRTD FY2025 budget reflecting facility-related expenditures and capital increases, and separately adopted the district's fourth-quarter financial report showing nearly full expenditure of the year's budget and a June 30 cash balance of $211,550.72.
The South Central Regional Transit District board approved a fiscal year 2025 budget amendment and then accepted the district's fourth-quarter financial report at its July meeting.
Finance Officer Adam Shea presented the amendment, which adjusts operating and capital line items to reflect costs tied to acquisition and preparation of the Summit Park facility, equipment purchases and other year-end items. Shea told the board the revised operating expenditures total $2,998,848.96 (about 99.8% of the budgeted expenditures) and that the district's June 30 cash balance was $211,550.72. "The amount, as of June 30 is $211,550.72," Shea said when asked about cash on hand.
Key changes Shea identified included an increase in salaries of roughly $14,000, a decrease in benefits of about $18,000, a fuel savings of roughly $47,000, increases in office equipment of about $6,000 and facility maintenance increases of about $43,000 tied to work on the Summit Park facility (painting, carpeting, equipment). For capital accounts, Shea reported a net increase of $528,225.94 driven by local matches, refunds and an accounting correction related to electric charging equipment costs and refunds from El Paso Electric Company.
Shea said some capital reimbursements were already billed and that the district was awaiting payment from the state for New Mexico matching funds and other grants. The amendment as presented balanced the operating revenues and expenditures. "This gives us a total amount in the revised budget for operating revenue of $3,184,535.50," Shea said while summarizing revenue adjustments.
After discussion the board approved the budget amendment on a roll call vote. Immediately following, Shea presented the FY2025 fourth‑quarter financials: total expenditures for the year were $2,998,848.96 and the board was told the utility and charging-station-related costs increased some line items in the fourth quarter as the district integrated new electric charging infrastructure. The board then voted to accept the financial report.
Both votes passed by roll call. Board members asked questions about cash-on-hand and billing schedules for matching funds; Shea replied that more than $1 million in claims had been submitted and the district was waiting for reimbursements.
