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Woodland finance staff present unaudited FY24‑25 results; first‑quarter FY25‑26 on typical timing
Summary
Finance staff presented unaudited FY24‑25 results showing all‑fund revenues about 104% of budget ($211.5M) and a general fund unreserved balance of $19.41M (33%). First‑quarter FY25‑26 receipts were consistent with normal timing—property and sales tax revenues are reported later in the year.
At the Nov. 18 meeting the council received an informational quarterly budget report from Financial Services Manager Carrie Farnham and Administrative Services Director Kim McKinney outlining unaudited FY24‑25 results and first‑quarter FY25‑26 trends.
Farnham told the council that all‑fund revenues for FY24‑25 totaled about $211.5 million, approximately 104% of the amended budget, and that the city closed the year with general fund revenues $3,010,000 above the amended budget. She described a number of variances: special revenue funds and grant reimbursements overperformed, Spring Lake infrastructure fees underperformed, and development impact fees were below expectations.
Farnham said the general fund ended the year with an unreserved fund balance of $19,410,000 (about 33%), above the city’s reserve policy target of 20% (the policy target was cited as $11,750,000). She also said the unaudited results show a year‑end structural deficit trend: the presentation round‑quoted a projected ending deficit of approximately $5,050,000 in the forecast absent midyear changes.
On first‑quarter FY25‑26 trends (July 1–Sept. 30, 2025), Farnham said timing explains low first‑quarter revenue percentages: the city had collected about $31.78 million of $208.57 million budgeted (15%) and spent about $47.03 million of $290.03 million (16%), consistent with typical seasonal timing when property and sales taxes are recognized later in the year. She noted sales tax was roughly $978,515 below amended budget but measure F revenues exceeded expectations by about $1,030,000.
Council members asked questions about fire department overtime and other variances; staff said overtime in the fire department drove some expenditures over budget and that a midyear budget update will provide more detailed projections. The presentation was informational and required no council action.
