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Finance director outlines $5.4M FY2024 carryover; council gives preliminary support for funding FY25 CIP
Summary
Finance Director Melissa Moyers told the Staunton City Council on Jan. 9 that FY2024 carryover stands at about $5.4 million and proposed using most of those funds to support the FY2025 capital improvement program.
Melissa Moyers, director of finance, briefed council on Jan. 9 about the city’s fiscal 2024 carryover and the recommended use of those funds in the FY2025 capital improvement program (CIP).
Moyers said the FY2024 general-fund carryover is approximately $5.4 million, with major variances driven by property-tax collections. She said $2.891 million is recommended to fund the FY2025 CIP as presented, noting the city has relied on carryover funds for capital spending in recent years. Moyers identified a $3.0 million increase in designated…
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