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Council introduces final FY 2024–25 appropriations amendment; adoption set for June 17
Summary
Finance staff told council general fund revenues are projected $5.8 million higher than budgeted, enabling a $200,000 addition to fund balance; council introduced the final appropriation amendment and scheduled adoption for June 17.
Assistant Finance and Budget Director Nick Mackey presented the final amendment to the Appropriations Ordinance for fiscal year 2024–25 and asked council to introduce the ordinance for formal adoption at the June 17 meeting.
Mackey said general fund revenues were projected to finish $5.8 million, or about 4.5%, higher than originally budgeted primarily because of a tier 3 property tax reimbursement received in May and higher investment income. He recommended using one-time revenue for capital and noted a planned $4 million transfer to the facilities improvement fund for future renovations to Fire Station 5. Mackey reported that, after accounting for higher expenditures (including a $1.2 million net increase for the fire department driven by contractual adjustments and overtime), the city will add $200,000 to general fund balance and maintain reserves near 30% of expenditures.
Councilmembers asked clarifying questions about the fire department overrun (Mackey said contractual January 1 pay adjustments were not included in the original budget and overtime due to vacancies drove the balance). Council introduced the ordinance by motion; Mackey said the ordinance would return for adoption on June 17.
