Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Red Bank finance director: general fund revenues recovering, expenditures near budget pace
Summary
CFO Ms. Pickle reported that through January general fund revenues were at about 55% of budget while overall year-to-date activity is near the expected 58.33% pace; a community center line is high because of unrecorded rollover amendments.
Ms. Pickle, Red Bank’s chief financial officer, told commissioners the January financial update shows the city is close to where it should be in the fiscal year.
"If you look at the first page, you'll see that we're at 58 33% of the budget year," Ms. Pickle said, and she noted total general fund revenues are at about 55% and general fund expenditures are about 59%.
The presentation compared current year-to-date percentages to the expected budget-year point of roughly 58.33 percent. Ms. Pickle said some funds are slightly over or under expected levels but “it's as expected for this time of year.” She identified one specific variance in the parks/community center budget: a large balance on the far-right column is driven by unrecorded rollover budget amendments for items budgeted but not expensed in 2023. She said the line currently shows about $3,000 but should be roughly $168,000 higher once the rollover amendments are recorded.
Commissioners asked clarifying questions about the timing of the rollover and about whether the comparisons were to last year or to the current budget-year timeline; Ms. Pickle confirmed the percentages compare to the current budget-year timeline and that rollovers will be processed closer to the fiscal-year end. No formal action or vote was recorded on the financial update.
Commissioners did not request additional follow-up beyond the routine monitoring and the CFO said staff will return with budget amendments when rollovers are processed.
