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Council adopts small FY2025 budget adjustment; city manager delivers multi‑year budget and tax overview
Summary
Council approved a $60,650 FY2025 budget adjustment as staff closed out the fiscal year and heard a comprehensive presentation on the city’s revenue structure and FY2026 budget outlook.
The Farmington City Council unanimously adopted a final fiscal‑year 2025 budget adjustment and received an extended presentation on the city’s fiscal position and FY2026 planning.
Jim Cox, the city finance presenter, described the adjustment as the year‑end close‑out. The action included a $60,650 increase in revenues and a matching increase in expenditures to reflect an automatic sanitation enterprise transfer and an administrative adjustment tied to gross receipts tax accounting. "We're requesting a total increase of $60,650 in revenue," Cox said, noting the adjustment offsets collected revenues and expenses.
Following the adjustment, City Manager (Mr. Mays) gave a broad budget presentation that explained Farmington’s reliance on gross receipts tax (GRT), the city’s position as a regional retail center serving an approximately 350,000‑person trade area, and the rationale for the city’s historical emphasis on consumption‑based revenue rather than property tax. The presentation noted the city’s total budget is roughly $366 million, with the electric enterprise accounting for about $120 million of that total. City staff emphasized that Farmington retains roughly 40 cents of every GRT dollar collected locally and that property taxes are comparatively low (the city retains a very small portion of the property‑tax dollar compared with schools and county levies).
Council approved the budget adjustment by motion. Staff said the FY2026 budget process will continue; council expected a final adoption vote at the scheduled follow‑up meeting.
