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Prineville finance director reports $4.6 million increase in combined fund balances, flags upcoming budget adjustments
Summary
Finance Director Laurie Hooper Antrim told the council the city’s combined fund balances rose by about $4.6 million in FY24, driven by higher franchise and intergovernmental revenues; several funds will require supplemental budget adjustments, including general fund police staffing and IT infrastructure for 911 upgrades.
Finance Director Laurie Hooper Antrim presented the city’s fourth-quarter financial report, saying combined city fund balances increased “approximately $4,600,000” through the fourth quarter and that the general fund ended the year with unaudited balances higher than the prior year.
Hooper attributed revenue increases to timing of grant collections (notably for a biomass project), higher franchise fees and increased intergovernmental revenues tied in part to school-district support for a new school-resource officer. She said overall annual expenditures were at about 84% of budget and that the city recorded profits in some enterprise funds, including the railroad fund’s fourth-quarter profit of $102,000.
Hooper identified several expected budget adjustments for the coming cycle: general fund changes to reflect police staffing additions (including a school-resource officer and a community-service officer), adjustments in non-departmental funds for the biomass project (with roughly $689,000 expended and $445,000 reimbursed by grant), IT and 911 infrastructure upgrades, and a utility rate study in the water fund to address increased chemical and electricity costs.
She also noted transportation and golf funds performed near or above budget expectations, with transportation revenues roughly at budget and capital paving projects ongoing. Hooper said the city will bring formal supplemental budgets to council in upcoming meetings to reconcile these items.
Council asked clarifying questions; Hooper provided line-item explanations and said the city is still completing audit adjustments for the fiscal year.
