Finance director presents June 2025 year‑end report; investment income exceeds budget

Director Wiggins presented the URA financial report for June 2025 and described the year‑end close work staff will complete before auditors arrive.

Wiggins opened the presentation by saying, “I wanna start out saying that this is the financial report for June 2025.” He walked through operating cash, operating revenue and operating expenses and reviewed balances in three bank accounts and the URA’s Georgia Fund 1 investments.

Key figures Wiggins reported include: - Investment income budgeted: $1,597,004.64; year‑to‑date actual for June: $1,767,006.62 — an overage of $170,001.98. - Operating expense year‑to‑date actual: $1,519,006.37 against a budgeted amount (reported in packet) — staff noted spending remained below budget. - Georgia Fund 1 (investment) beginning balances and reinvested earnings were presented as part of the month‑end statements that will carry into the new fiscal year.

Wiggins told the board the finance team will ‘‘be cleaning things up for the auditors’’ during year‑end closing, including journal entries to reallocate portions of salaries to economic development and adjustments to the URA bond line item. He said the $435,000 URA bond payment appears in department reports and will be reclassified into capital outlay in the FY26 budget as part of the cleanup.

Board members asked clarifying questions about the URA bond line, the designation of capital outlay, and a payment appearing in departmental reports. Wiggins said some payments (for example, payments to an economic development group) will be reallocated by journal entry, applying a percentage of salary to the related fund.

Wiggins also noted the packet included bank statements, department payment reports, and the revenue/expense report from the city’s financial system for trustees and auditors to review.