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Commission reviews FY25 budget amendment; capital fund reserves tapped for property purchases
Summary
Finance staff summarized the FY25 amendment: general fund reserves reduced to cover consultant fees and a start-up for the solid-waste fund; capital-projects reserves include a $2.8 million drawdown for two property acquisitions, and insurance reserves were reduced to cover premium increases.
City finance staff briefed the commission on the second reading of the FY25 budget amendment.
The finance director said exhibit B was added to show residual balances. She summarized that the general fund reserves are being reduced by about $233,000 to cover consultant services and related items, that $113,000 will transfer to the new solid-waste fund for start-up costs, and that $20,000 will transfer to the surtax fund for bus-service reimbursements. She said the capital projects fund showed a $2.8 million reserve reduction for the purchase of two parcels (Tamishant Boulevard and SW 13th Street properties). The insurance services fund reserve was reduced by $439,000 for premium increases.
Commissioners asked clarifying questions about rolled-over encumbrances and about whether unused commission-line items should be repurposed; City Manager Sargent said the commission-directed discretionary discussion would be scheduled separately.
Next steps: staff requested the commission continue with the second reading and said a follow-up item on discretionary funds will appear on a future agenda.
