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CFO presents third and fourth quarter financial update; council hears unaudited FY25 numbers
Summary
Chief Financial Officer Angela Reyes presented North Miami’s third‑ and fourth‑quarter unaudited revenue and expenditure figures, reporting the FY25 adopted budget at $214M and an amended budget of $298M (largely due to CRA bond revenue), and noting year‑end accrual adjustments and that audited statements will follow.
Angela Reyes, chief financial officer, briefed the commission on unaudited third‑ and fourth‑quarter revenues and expenditures for fiscal year 2025.
Reyes reported the FY25 adopted budget as $214,000,000 and an amended budget of $298,000,000, an increase she attributed mainly to a CRA component of a revenue bond and rolled‑over grants. Third‑quarter year‑to‑date fund‑type percentages were reported (general fund ~43%, enterprise funds 38%, special revenues 21%). For the fourth quarter she reported general fund revenues at about 84% and expenditures at about 94%, and said the debt fund paid out the budgeted debt and capital projects appear high due to accruals and appropriations that will be adjusted at year‑end.
Reyes emphasized the presentation was unaudited and that final audited financials will reflect year‑end adjustments. Council members requested an early briefing on first‑quarter numbers before public release so they could prepare questions and better understand reappropriations (one councilmember asked whether $9,700,000 in reappropriations reflected all departments; staff confirmed it did).
