Budget and Finance Committee reviews November financials, recommends FY25 amendment and hears audit delay

The Budget and Finance Committee met (date not specified) to review final November financials, discuss updated sales tax and property tax timing, recommend a Fiscal Year 2025 budget amendment to the Board of Mayor and Aldermen and hear updates on outstanding audits.

Mrs. Holdren, a staff member, told the committee she had emailed the final November financial statements earlier in the day and had distributed updated sales tax numbers. “These are the final November financials,” she said. She added that sales tax was “a little bit down from the same month last year,” but that the committee should watch holiday receipts and the December results.

The vote on the committee’s recommendation on Budget Amendment No. 2 came during the meeting. After a short discussion of the amendment’s details, a member moved a favorable recommendation; the committee voted in favor, passing the recommendation 3 to 0. Committee members directed that the recommendation be forwarded to the Board of Mayor and Aldermen for final action.

Why it matters: the financial updates and the budget amendment affect the municipality’s operating and capital funds. The committee was told that some adjustments in the amendment reflect grant accounting and fund-balance movements and that the changes will be included in the packet being forwarded to the board.

Key details from the meeting

Final November financials and sales tax Mrs. Holdren said she had distributed the final November financial statement and updated sales tax figures. She told the committee, “Sales tax is looking pretty good. It was a little bit down from the same month last year. So, nothing of concern yet.” Vice Mayor Palmer asked about differences across local jurisdictions, noting that “Williamson’s trending up this December, but Murray’s a little bit down.” Holdren said such shifts can result from the state reallocating collections after audits or correcting online sales attributions, and that Thompson Station has historically required cleanup on online-sales allocations.

Property taxes and timing Alderman Linville asked about property tax timing; Holdren said that December and February are usually the heaviest months for property tax receipts and that escrow accounts often generate a large influx at the end of December.

Budget Amendment No. 2 Holdren summarized the amendment as part of the committee packet and noted that, going forward, budget amendments will be considered quarterly rather than monthly. She described the primary adjustments included in Amendment No. 2: a SAFER grant accounting/code adjustment, overtime (OT) adjustments, a partial use of fund balance, bringing the capital equipment fund back to zero, and an internal services fund department expenditure draw. The committee moved to recommend the amendment to the Board of Mayor and Aldermen; the motion passed 3 to 0.

Audits: FY24 delayed; FY23 corrective actions On the FY24 audit, Holdren said the municipality received an email Dec. 20 stating the audit would not be complete by Dec. 31 and that the auditor’s new target was Jan. 31; as of the meeting she had not received a draft and planned to follow up with the audit firm. “They are a new audit firm, so there was a lot of work to get them on board and get them going,” Holdren said. On the FY23 audit corrective actions item, staff reported no new updates beyond those already discussed in prior meetings.

Votes at a glance - Approval of minutes: motion and mover not specified in the transcript; seconder recorded as Alderman Maloneyville; vote tally not specified in transcript. Outcome: passed (see provenance). - Recommendation of Fiscal Year 2025 Budget Amendment No. 2 to the Board of Mayor and Aldermen: committee recommendation passed, yes 3, no 0, abstain 0. Outcome: forwarded to the Board of Mayor and Aldermen.

The committee had no further business and adjourned at the close of the session.