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Hooper City finance staff review April financials, reserve balances and budget amendment options
Summary
At the May 15 work meeting finance staff reviewed April financial statements, explained the 5% utility tax reserve (about $17,000 as of April 30), discussed a separate $9,600 emergency/reserve item and the city’s budget amendment practices, and outlined options for funding upcoming stormwater expenses.
Hooper City finance staff walked council members through the April financial statements and explained reserve accounting, purchasing thresholds and the process for amending the budget.
Staff said the city reserves 5% of utility tax revenue into a restricted reserve line (referred to repeatedly in the meeting) and that the reserve balance was about $17,000 as of April 30. Staff described a second…
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