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Council hears detailed finance briefing; staff says city will rely on $2.6 million in reserves for 2025 budget
Summary
Finance Director Steve Hoagland reviewed fund accounting, year-end results by fund and the 2025 budget during the March 3 Anacortes City Council meeting, saying the city plans to use $2.6 million in cash reserves to balance the general fund while monitoring revenues and expenditures.
Finance Director Steve Hoagland told the Anacortes City Council on March 3 that the city uses fund accounting required by state auditing rules and that the 2025 budget relies on $2.6 million in cash reserves to balance the general fund.
Hoagland said fund accounting is required by generally accepted accounting principles and by state law (RCW 43.09.200), and that the system the State Auditor prescribes is published in the BARS manual. "Fund accounting ... better illustrates accountability," he said, adding that governmental funds use modified-accrual accounting while enterprise funds use full-accrual accounting.
Why it matters: Hoagland and council members discussed how the difference in accounting methods affects how revenues and expenditures are reported and the city’s ability to plan for multi-year utility…
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