Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
Finance staff brief council on FY25 closeout and Q1 FY26 results; council approves routine first‑quarter budget augmentations
Summary
City finance staff reported a FY25 general fund closeout with an ending fund balance of about 12.2% and described revenue timing and consolidated tax shortfalls. Council approved the first‑quarter budget augmentations—largely purchase‑order carryforwards and grant adjustments—by unanimous vote.
Vicki Van Buren, director of finance, briefed the council on fiscal year 2025 closeout figures and first‑quarter results for fiscal year 2026.
Van Buren said departments implemented hiring slowdowns and identified at least 2% savings during FY25 to offset revenue shortfalls in consolidated tax and franchise fee receipts. After routine year‑end accounting entries and adjustments, staff reported that FY25 sources of funds totaled about $370 million and uses totaled about $368 million, leaving a small positive variance and an ending general‑fund balance of roughly 12.2% (about $38.5 million). She noted a budgeted $9.5 million reserve that was used to address an identified timing gap related to consolidated tax receipts.
For FY26 first‑quarter results (July–September), staff reported that property tax, franchise fees and other revenues were generally tracking as expected but that consolidated tax receipts remained a volatility point because of delayed allocations from the state. Van Buren said the Department of Taxation had signaled timing changes and that staff continued to monitor receipts and expenditures.
Lindsay Hatfield, budget manager, presented the first‑quarter augmentation request: the packet primarily contained prior‑year purchase order carryforwards and a small number of grant and reimbursement adjustments. Council moved to approve the augmentations; the motion passed unanimously on the record.
Van Buren said audit closing work continues and final audited numbers will be presented with the year‑end audit, and noted that staff will return with fee comparisons and an early FY27 budget overview at a November meeting to support planning for the next budget cycle.
