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Council restates FY24–25 budget, reviews tentative FY25–26 and sets June 12 hearing
Summary
The council adopted a restatement of the current fiscal-year budget to reflect actuals and set a public hearing for the final FY26 budget on June 12 at 6:30 p.m.; the town reported favorable enterprise fund results and a plan to use MIDA development funds next year.
Hideout’s Town Council on May 8 approved a resolution restating the town’s fiscal-year 2024–25 budget to align it with actual revenues and forecasted expenditures through the end of June. Councilors then reviewed a tentative FY25–26 budget and scheduled a public hearing to adopt the final budget on June 12, 2025, at 6:30 p.m.
Finance director Katie (last name in packet) summarized the restatement and the preliminary FY26 plan. The FY24–25 restatement showed a roughly $279,000 shortfall in general-fund revenues compared with the adopted budget; Katie said the shortfall arose largely because the town did not need transfers from MIDA municipal and Class C road funds this year. That outcome left some fund balance available for future municipal and capital needs.
The enterprise (water/sewer) fund performed better than forecast, Katie reported, with approximately $296,000 favorable variance driven by higher connection fees and lower-than-expected operating costs. The council voted to recognize the restated FY24–25 numbers and to adopt the resolution that aligns the official budget with the actuals and forecast.
On the tentative FY25–26 budget, staff proposed modestly higher revenues tied to more certificates of occupancy and an assumption of 3 percent inflation; the draft also assumes the town will draw down MIDA municipal and development funds next year to support targeted advisory, communications and growth projects. Katie said the town will monitor spending closely and adjust plans if legal or engineering costs escalate.
Councilors and staff discussed specific risks: legal costs that have been higher than typical in the current year, the possibility of capital needs identified by an infrastructure plan (for example, sewer-line repairs identified by upcoming video inspection bids) and the need to preserve Class C road funds for larger road repairs. The council asked staff to prepare scenarios that show trade-offs between using MIDA development funds for growth versus retaining them for capital repairs.
Action: the council voted to approve the FY24–25 budget restatement. Councilors also voted to set the final FY25–26 budget adoption public hearing for June 12, 2025, at 6:30 p.m. (Mountain Time). The town will post official notice at least one week before that hearing and return with any needed adjustments at the next meeting.
