Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Budget topic
No spam. Unsubscribe anytime.
Council approves year-end budget adjustments, moves savings into capital projects and records $2 million state recreation grant
Summary
Wellsville City Council approved adjustments to prior fiscal-year budgets to balance expenses and revenues, transferred savings to the capital projects fund and recorded a $2 million state outdoor recreation grant earmarked for the Sherwood Hills property.
The Wellsville City Council on June 18 approved a set of year-end budget adjustments to reconcile last fiscal year’s actual revenues and expenses, including transfers from savings into capital projects and new revenue entries tied to a state outdoor recreation grant.
City staff said the amendments reallocated existing receipts and savings rather than authorizing new spending. Scott (staff member) summarized revenue-side changes: “we increased sales tax from 600,000 up to 800,000,” and noted the city recorded a $2,000,000 entry to the outdoor recreation fund tied to a state grant for the Sherwood Hills property purchase.
The adjustments moved $238,000 from savings into the capital projects fund and $104,000 into a restricted savings account, and increased several other line items: property tax (260,000 to 370,000), sales tax (600,000 to 800,000), energy use tax (85,000 to 95,000), and interest revenue (30,000 to 100,000). On the expense side, cultural property/buildings rose to reflect the Sherwood Hills purchase ($136,007.98 to $2,156,007.98), planning and zoning rose to cover legal and engineering costs, and city council payroll rose from 13,000 to 16,000. Scott described other adjustments as closing out “actuals” for the year rather than new planned expenses.
Council members asked about large line-item changes and audit implications; Scott said the city had adjusted the budget to reflect the transactions and to balance revenue and expense before year-end. He also noted transfers out of restricted and road funds were reduced to zero in the reconciliation.
Council moved and approved the transfers and budget amendments during the meeting. The council also approved related accounts payable and payments listed on the finance report.
The council indicated it will continue to monitor audit exposure and make end-of-year adjustments as needed; staff noted the city will watch interest and revenue performance and may bring additional changes in future meetings.
Ending: The transfers and adjustments were approved so the city can finalize the prior fiscal year’s books and spend a portion of savings on planned capital work, including the Sherwood Hills purchase supported by the state grant.
