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Committee forwards budget revision No. 3 to council adjusting FY24–25 general fund balances and appropriations
Summary
The Administration and Finance Committee voted to forward Resolution 2025-R-49, the third general fund budget revision for FY24–25, which reconciles beginning fund balance to audited figures and adjusts multiple revenue and expenditure lines including increases for state grants and insurance claims and reductions to contingencies.
The Administration and Finance Committee on April 28 voted to forward to full council Resolution 2025-R-49, the third revision to the FY2024–25 general fund budget, which reconciles beginning fund balance to audited figures and adjusts appropriations across revenue and expenditure lines.
Scott Arthur, the city’s senior accountant, told the committee the State Auditor requires the city to revise projected beginning fund balance to match expected FY2024 ending fund-balance figures. The revision changes fund-balance classifications (nonspendable, restricted, committed, assigned, unassigned) and adjusts revenue and expenditure lines.
Key changes cited in the committee presentation include: an increase of state government grant revenue of $30,000 (with $20,000 attributed to a previously approved Commission on Drunk Driving Prevention grant and $10,000 to a Child Nutrition grant); an increase to insurance-program appropriations of $500,000 (reflecting additional group medical claims funding); a reduction of contingencies by $1,701,932 to offset fund-balance adjustments; and a transfer/increase related to the Civic Center/Municipal Auditorium and arena subsidy and first payment on the arena roof bond (figures discussed in committee included increases to Civic Center-related lines and a $248,418 first bond payment). Arthur said the revision reflects audited financials and that the city will supply supporting documentation.
A motion to forward the revision to full council with a favorable recommendation passed by voice vote; Mr. Archer agreed to sponsor the revision at full council.
