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Rutland RPC reports stronger-than-expected fund balance while preparing for audit
Summary
At its Sept. 8 Executive Finance Committee meeting, the Rutland Regional Planning Commission reviewed June and July financials, reporting a likely year-end surplus, ongoing audit preparation, and potential state cuts to phosphorus reduction funding tied to the QSP program.
The Rutland Regional Planning Commission’s Executive Finance Committee reviewed June and July financial reports Sept. 8 and heard from Devin, the RPC’s executive director, that the commission is preparing for an early audit and currently projects a year-end position that is better than previously expected.
Devin, the RPC’s executive director, told the committee that the June profit-and-loss statement showed net income of roughly $64,000 but that noncash journal entries and the auditor’s final calculations will determine final figures. “We’re still in the process of closing out FY25 for the audit, but, obviously, the year will end in the black,” he said.
The staff report said the commission had planned to use about $18,000 of fund balance for office costs but instead covered those costs from grant funds; that shift could leave the fund balance higher than anticipated. Devin said the fund balance was about $462,000 as reported during the meeting and that auditors will finalize several large noncash entries, including retirement and depreciation adjustments.
Committee members were also briefed on revenue and expense line items. Devin said accounts receivable totaled about $701,000 as of July 31 and about $360,000 as of Sept. 8. He noted state grant timing affects revenue recognition: “state income is high because that first-quarter invoice for our ACCD state funds always comes in in an early slug,” he said.
Staff described program-specific changes that could affect future revenue. The RPC’s clean-water work under the state’s QSP (quality service provider) approach may face lower funding if the state changes the per-kilogram phosphorus-reduction formula; staff said the state is “considering reducing our phosphorus total reduction target” under the QSP, which would lower reimbursements tied to the formula, but that no formal report had been issued. The Brownfields program is moving faster than anticipated; staff said consultant expenses were lower than expected and the RPC is working to reach a 75% spend-down this fall to apply for additional EPA funds.
On the expense side, staff said salary lines looked high because of how health incentives were coded, while fringe lines were lower and would offset payroll coding differences. The commission also completed a new equipment lease this year and rolled out new leased laptops for staff; the equipment cost itself matched budget expectations, though smaller accessories (chargers, cases) may cause a minor variance in the equipment line.
Devin closed the presentation by reiterating that the finance update was informational and that staff are finalizing materials for the audit: “Finances are good. Ending in the black. Preparing for audit.”
Committee discussion included questions about QSP, legacy phosphorus versus new loads, and how those programmatic changes could affect future budgets.
