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Finance committee approves 2024 operating budget carryovers; $73,088 increase from prior year
Summary
Committee approved carrying forward projects and funds from 2024 to 2025, amending the 2025 budget to reflect carryovers. Staff said the carryovers are $73,088 more than last year and will reduce fund balance accordingly; motion passed 7-0.
The Wauwatosa City Finance Committee voted to approve operating budget carryovers from 2024 into 2025, adopting a staff recommendation to amend the 2025 budget to reflect those carryovers.
John presented the annual carryover list and said the package is the last substantive item related to the 2024 budget before year-end accounting. He said the total carryover is $73,088 more than last year and that, all else equal, the city would see a decrease in fund balance of $73,088 if the carried items remain in place.
John explained that the attachment included an itemized list of requested carryovers and that amounts presented were intended not to exceed the listed totals and could change as final 2024 bills are paid; the transfers were contingent on final year-end results. The formal motion to amend the 2025 budget to reflect the carryovers, moved by Alder Phillips and seconded by Alder Gustafson, passed 7-0.
Nut graf: The carryovers represent project funds and items not completed in 2024 that staff recommends moving into 2025, a routine fiscal process that preserves funding and avoids canceling unfinished projects.
Committee members asked for clarification about how staff would present the carryovers in the motion; staff confirmed that referencing the attachment in the motion would be acceptable.
Ending: The committee approved the amendment and staff will finalize carryovers as year-end accounting closes and any necessary adjustments are made.
