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Finance Committee reviews FY2025 year‑end financial report showing preliminary $21M fund‑balance drawdown
Summary
CFO presentation to the Finance Committee noted preliminary year‑end adjustments that reduce the county fund balance by about $21 million (from $2.91B to $2.70B), driven by unfavorable revenue and expenditure variances and reallocation to project funds; auditors and actuary work remain pending.
Oakland County’s CFO presented the fourth-quarter FY2025 financial report and recommended quarterly budget amendments, telling the Finance Committee that numbers are preliminary while year-end journal entries and actuary reports are completed.
Staff said the preliminary impact on fund balance is an approximate $21 million decline (from $2.91 billion to $2.70 billion), attributable to a combination of revenue shortfalls and expenditure changes and to the county reallocating amounts from general fund to project funds for strategic investments. The CFO noted that some reported actuals remain subject to adjustments through Nov. 30 revenue postings and year‑end closing and that a full, final breakdown will be provided to commissioners when auditors have completed their work in January.
Commissioners asked for more granular breakdowns for large write-offs referenced in the report and discussed acceptable variance targets; one commissioner suggested a 3% target for forecast variance as a possible KPI. Staff agreed to provide a more detailed explanation of the large write-offs and a pie‑chart style summary to make the report easier to digest.
After questions the committee approved the quarter‑end report and related amendments by voice vote.
