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San Juan County finance staff report: 2024 fourth‑quarter revenues exceeded expenses; interest income outperformed budget
Summary
County finance staff told the council the county received about $82 million in 2024 and spent about $78.6 million. Interest income came in far above budget while real estate excise tax (REET) and planning‑permit revenues declined from previous years.
Finance staff presented a fourth‑quarter, year‑end snapshot of San Juan County’s finances on Feb. 11, reporting that 2024 revenues exceeded expenditures overall but that several revenue streams and fund balances warrant attention.
Molly (Finance), who presented the review, told the council the county was operating on a cash‑basis accounting method and that the 2024 snapshot shows approximately $82,000,000 in revenue and about $78,600,000 in expenditures. She highlighted several differences between budgeted and actual amounts:
- Interest income: budgeted at $1,500,000 for 2024, actual interest receipts totaled about $4,600,000, “296% higher” than budget and roughly 37% higher than 2023; the treasurer noted securities and LGIP yields were near 4% in recent months. - Real estate excise tax (REET): budgeted at $1,000,000, actual receipts were $794,000 (about 79.4% of budget), reflecting lower transaction volume compared with pandemic years. - Sales tax: budgeted $7,300,000; actual receipts about $7,100,000 (about 98% of budget), a modest increase over 2023. - Property tax: came in on budget at about $7,700,000; planning and permitting revenues trended downward compared with prior years.
Molly said the county’s current‑expense fund began 2024 with about $8,260,000 in cash and that the apparent 2024 activity would reduce that balance by about $128,000 to an estimated beginning cash of roughly $8,130,000 for 2025. She noted the figures were a point‑in‑time extract and that final adjustments would continue as departments close year‑end items.
Treasurer Rhonda joined the presentation to explain interest dynamics and the difficulty of forecasting interest income months in advance, noting that federal actions and market shifts affect yields. Council members asked staff to return with first‑quarter budget amendments and to update several revenue assumptions during the 2025 first budget amendment.
Staff said they plan to return in April with the formal first budget amendment and that departments will submit requests for emergency and supplemental appropriations as needed.
