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Lewiston finance director reviews Nov./Dec. reports: reserves, workers’ comp and water grant highlighted
Summary
Finance Director Amy Gordon presented the financial reports for November and December, noting the city’s reliance on reserves, a drop in workers' compensation claims, a $670,000 grant for the water intake project, and that the police retirement fund remains fully funded at about $13 million.
Amy Gordon, Lewiston finance director, presented the financial reports for the month ended Nov. 30, 2024 and a quarter‑end report for Dec. 31 during the Jan. 27 city council meeting.
Gordon told council the city’s fiscal year runs Oct. 1 to Sept. 30 and reminded members that property tax revenue is received primarily in January and July, which causes pronounced jumps in revenue percentages on interim reports. She pointed to a general fund line item that records use of reserves when the adopted budget calls for using savings to balance the budget.
Gordon highlighted the insurance trust spending in the general fund — premiums for commercial liability and package policies are paid up front when the policy renews in October — and said the activity explains why that line can show a high percentage of spending early in the fiscal year.
On workers’ compensation, Gordon said the city has seen high‑cost claims in recent years and restructured funding to replenish reserves. She reported year‑to‑date claims at Dec. 31 were about $72,000 and that claims are “trending down,” and said the city expected the 2025 budget posture to help rebuild the fund.
Gordon also noted the water fund shows $670,000 in grant revenue programmed for the intake project; she said those are Idaho‑allocated ARPA dollars earmarked for the intake and that the grant will reimburse capital expenditures as they are made. The finance director said capital spending is typically low at this time of year because the construction season has not begun.
On fiduciary funds, Gordon reported the police retirement fund had about $13 million in assets and remains fully funded per a recent actuarial study; she said the fund is managed for a long‑term horizon. The cemetery perpetual care fund is smaller — noted at about $1 million — and will be more exposed to short‑term market volatility, she added.
Gordon concluded by saying she would distribute the actuary report to council later in the week and answered brief procedural questions from council about reserve accounting and budget line items.
