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Box Elder finance officer gives midyear budget update; general fund tracking slightly higher than expected
Summary
Finance officer Renee Baker reported June and midyear figures, noting general fund revenues tracking slightly above budget, enterprise funds in good shape, TIF receipts and capital projects progress, and upcoming midyear amendments and transfers.
Renee Baker, Box Elder finance officer, presented the midyear budget review at the Aug. 5 council meeting.
Baker said June revenues came in at approximately $2.1 million with expenses of about $3.9 million for that month; she summarized year-to-date figures stating the general fund had received about $44 million in revenue and expended about $5.2 million year-to-date, while enterprise funds (water, sewer, solid waste) received roughly $3.1 million and expended about $3.3 million. She noted the city recorded an unexpected one-time expenditure in the enterprise funds that will be covered by fund balance.
Baker also summarized TIF and capital projects: the TIF fund (Fund 705) received about $1.4 million and expended roughly $219,000 so far; hotel-way capital improvements and other projects reached milestones including substantial completion and final reimbursements expected. She said midyear budget amendments will be considered at an upcoming Finance & Public Safety committee meeting.
Baker corrected a presentation typo in real time (investment earnings figure) and asked council to expect proposed midyear amendments and potential transfers (including a possible TIF transfer) after receipt of the second property tax payment. Where specific figures were unclear in presentation slides she provided supplementary year-to-date actuals and percent-of-budget tracking in the packet for council review.
