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Council accepts Q2 operating report; approves supplemental budget adjustments and facility funding guiding principles
Summary
City staff reported the second-quarter fiscal update showing revenues timing and vacancies; council approved several supplemental budget and appropriation transfers and adopted facility-investment guiding principles as amended.
At its Feb. 3 meeting the Corvallis City Council accepted the second-quarter operating report for fiscal year 2024–25 and approved several budget adjustments and resolutions, including two supplemental budgets and a transfer from the risk management fund for insurance premiums.
Key financial highlights Staff reported the general fund revenues at 66.2% of the fiscal year to date (largely because property tax receipts post in Q2) and expenditures at roughly 42.2% expended, a range the city has historically seen at mid-year. Citywide vacancies were reported at about 8.1% and staff noted the general fund fund balance would appear high at Q2 simply because many revenues come in during the second and third quarters.
Council actions Council accepted the Q2 operating report and approved three budget resolutions on the consent/new-business calendar: a supplemental budget increase of $668,579 in the general fund to cover fire and parks appropriations; a $122,300 supplemental appropriation to the vehicle equipment reserve fund to accept conflagration mobilization reimbursement; and a transfer within the risk management fund to cover insurance premiums. Council voted to adopt facility investments funding-analysis guiding principles as amended (the council voted to reorder two criteria so the list would be alphabetized). All motions passed by recorded voice votes.
Why it matters Staff said there is no net impact to the general fund from the proposed group of adjustments, and that one-time reimbursements increase the vehicle equipment reserve. The council asked staff to continue tracking vacancies and one-time projects that may carry over to future years.
Next steps Staff will finalize the budget transactions and monitor year-end results; future biannual updates are planned. Any one-time projects that are not completed during FY24–25 will be brought forward for carryover or supplemental budget adoption as needed.
