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Prospect finance director reports reserves intact but tree-maintenance overspend prompts budget review
Summary
Finance director John Carter told the council investments and checking total roughly $4.6 million with an unrestricted balance near $2.6 million, but he warned tree-maintenance costs have "blown out" and the council will need to revisit the budget.
At the Oct. 20 Prospect City Council meeting, Finance Director John Carter summarized September finances and warned that higher-than-expected tree-maintenance costs will force the city to revisit its budget in the coming months.
Carter reported that total investments were “roughly $3,100,000,” with checking balances near $1.3 million to $1.4 million, for a combined cash position the department described as about $4.6 million on hand. He said the city currently has an unrestricted balance of about $2,600,000, has earned nearly $44,000 in interest so far this year, and has collected roughly half of the year's expected revenue.
Carter singled out tree maintenance as a budget item that has exceeded expectations. "Our tree maintenance has blown out," he said, and council members were told the city will likely revisit the budget at the beginning of next year to address the deficit. The finance summary also noted a restricted road fund balance under $165,000 and several capital-project balances; one capital-project figure in the record is garbled and was not specified clearly in the meeting transcript.
Council members acknowledged the report and indicated they would meet with finance staff as needed; no formal budget action was taken at the Oct. 20 session.
