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Council adopts amended 2024 budget after finance presentation showing surplus
Summary
Finance staff presented unaudited 2024 results showing revenues of about $10.8M (22% above budget) and increased unrestricted fund balance; the council approved Resolution 032501 to adopt the recommended 2024 amendments and carryforwards ahead of the audit.
The New Richmond City Council adopted Resolution 032501, approving amendments to the 2024 budget and carryforward appropriations after a finance presentation on unaudited year-end results.
The finance presentation showed total 2024 revenues of roughly $10.8 million versus the $8.8 million budget, driven by stronger investment earnings, higher building-permit and street-privilege receipts, and revenue from a closed Tax Increment District (TID 6). Expenditures finished slightly above the 2024 adopted budget at about $9.07 million. Finance staff said unrestricted fund balance increased to approximately $4.6 million at year-end, an increase of just under $1.9 million, and noted the city met internal fund-balance targets and is positioned for the upcoming audit.
Council members asked detailed questions about specific variances, including room tax declines, municipal court expense fluctuations and medical-reserve-account funding. Staff pointed to specific packet pages for line-item details and described use of carryforward funds for capital and one-time expenses. After discussion, a council member moved to approve the resolution; the motion received a roll call and the council approved Resolution 032501 as presented.
Staff said the amendments are intended to appropriate carryforward funds, assign fund-balance classifications and allow the auditor to proceed with the formal audit process.
