Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Budget topic
No spam. Unsubscribe anytime.
Council adopts 2024 budget amendments, records carry-forwards and assigns fund balance
Summary
Finance staff reported stronger-than-expected 2024 revenues and presented an amended 2024 budget that the council approved by resolution; staff cited higher investment earnings, building permits and several one-time items as drivers of a $1.9 million increase in unrestricted fund balance.
The New Richmond City Council approved a resolution to adopt amendments to the City’s 2024 budget, appropriate carry-forward funds and assign fund balance so staff can proceed with the 2024 audit.
Finance staff presented unaudited 2024 results showing stronger-than-expected revenues (about $10.8 million reported in presentation versus an $8.8 million budget figure) and modestly higher expenditures. Drivers cited included repayment of a temporary fund-balance use from 2023 through 2024 debt issuance, favorable market investment earnings, strong building-permit revenues (including a large mixed-use library project), street-privilege revenues tied to fiber work, closure of Tax Increment District 6, property-sale proceeds and grant/donation receipts. Staff noted insurance recoveries and several one-time repairs as expenditure items.
The presentation said the city ended 2024 with an increase to unrestricted fund balance of roughly $1.9 million and an unrestricted fund balance of approximately $4.6 million. Staff recommended the council approve the attached resolution to appropriate carry-forward funds and finalize amendments so auditors may begin the annual audit.
Councilors asked questions about donations and grant restrictions, room-tax declines, municipal court expenses, building-inspection revenues and the medical reserve account. Staff responded that most grants and donations are earmarked, and that building-inspection fee revenue generally offsets inspection expenses. The resolution passed by roll call vote.
The meeting packet included more detailed schedules and specific carry-forward amounts; the council’s action formally authorized those adjustments to proceed to audit.
