Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council adopts amended 2024 budget; finance reports strong unaudited results
Summary
Council approved amendments and carry‑forwards for fiscal 2024 to allow the city to start its audit. Finance reported stronger-than-expected revenues and an increase in fund balance.
The New Richmond City Council adopted a resolution approving amendments to the 2024 budget and carry‑forward appropriations so the finance department can begin the fiscal‑year audit.
Finance staff presented unaudited 2024 results, reporting general‑fund revenues of about $10.8 million against a budget of roughly $8.8 million, an increase driven by stronger investment earnings, building permits, right‑of‑way street privilege permits (driven by fiber work) and the closure of a tax‑increment district that returned approximately $113,500 to the general fund. Staff said unrestricted fund balance rose to about $4.6 million, an increase of roughly $1.9 million from the prior year.
Staff summarized key expense items and one‑time items, including airport electric service extension charges covered in part by grants, ladder‑truck repair shares paid from carry‑forward funds, and single‑audit costs tied to federal grant thresholds. The city ended 2024 with total general‑obligation debt outstanding at about $22.9 million after issuing $7.5 million in 2024; about 63% of debt service came from levied taxes, 3% from tax‑increment districts and 34% from utility funds.
Councilors asked for additional detail on declining room‑tax revenue and municipal‑court costs; staff referenced supplemental detail in the packet and offered follow‑up reporting. The council approved Resolution 0325‑01 on a roll call vote.
