Committee signs off on multiple 2024 year-end budget reconciliations

The Administrative Services Committee approved a series of resolutions to amend the 2024 budgets and reconcile year-end accounting across general fund departments, several enterprise funds and workers92 compensation.

Finance staff described a batch of routine year-end adjustments: a late contractual entry in finance offset by under-spending in employee benefits; an ambulance purchase recorded against intercept fees and offsetting revenue; transfers to capital associated with ARPA project accounting; a $27 reclassification among social services captions; interfund transfers and shared vehicle cost allocations for sewer and water districts; depreciation entries and closing costs related to a BAN (bond anticipation note); and other routine clean-up items. The committee was told auditors had been sent the report and no further changes were expected unless auditors required them.

On workers' compensation, an actuary92s incurred-but-not-reported (IBNR) liability calculation resulted in an increase of roughly $1.8 million to long-term liabilities; available revenues offset most of that increase leaving a net $675,000 adjustment to the fund balance.

All budget amendment resolutions described in the meeting were approved by voice votes; the transcript does not include roll-call tallies.

Why it matters: these reconciliations close the county92s 2024 books, record liabilities and adjust fund balances, and will be reflected in the county92s financial statements and reporting to state auditors.

Next steps: staff will continue to coordinate with external auditors and finalize year-end financial statements.