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Prineville finance director reports stronger-than-expected third-quarter fund balances
Summary
Finance Director Laurie Hooper Antrim reported third-quarter results showing increases to combined city fund balances driven by higher franchise fees and grant reimbursements; the general fund is performing above budget projections and several capital projects and transfers were outlined.
Laurie Hooper Antrim, the city's finance director, presented the third-quarter fiscal report showing the city's combined fund balance rose during the quarter and that year-end fund balance projections are stronger than originally budgeted.
Hooper reported combined funds increased during the third quarter (transcript indicates a multi-million-dollar improvement) and projected year-end fund balances near the figures discussed. She told council general fund revenues were at about 108% of the FY24 budget (reported as roughly $9.6 million), franchise fees had increased substantially (electrical franchise fees were cited as a major driver), and intergovernmental grant reimbursements included $710,000 for a biomass project. Expenditures overall were tracking below budget at the quarter end; police expenditures were higher (about 77% of budget as reported).
Hooper reviewed specific funds: the transportation fund (revenues at about 74% of budget and capital work related to paving and EV charging stations), the railroad fund (revenues at ~80% of budget with capital outlay for a new locomotive), the airport (transfer of certain revenues/expenses to the county and a negative quarter-end balance that both city and county will equalize at year end), and the golf course (year-to-date profit after capital investments). She responded to council questions about property tax collections, delinquent tax receipts, franchise fee increases, and projected FY25 trends.
Hooper concluded that the city's beginning fund balance trends have been rising since 2016 and that current indicators show the city is in a stronger fiscal position than initially budgeted for the biennium.
