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Budget report: 2025 projections on track; three 2024 items may shift into 2025 via mid‑year amendment
Summary
Kelly presented the commission's budget status, saying 2024 interest earnings are projected near $80,000 and that 2025 revenues are expected to come close to the $815,000 budget; three items not completed in 2024 (Veterans Walk monument repairs, Veterans Walk parking lot, Space Force design) total about $46,000 and may be added via a mid‑year amendment.
At the Jan. 22 meeting, Kelly presented the OCVB budget update and identified a small set of capital items that were not completed in 2024 and may be added back via a mid‑year amendment to the 2025 budget.
Kelly said the agenda attachment included year‑to‑date numbers through November (the commission runs about two months behind on revenue reporting). Based on available data, revenues are approximately $758,000 year to date and Kelly projected the commission will finish the year close to the $815,000 budget — likely within roughly $5,000 above or below that figure. On interest earnings, Kelly said the projected 2024 interest total should be about $80,000 after an expected additional ~$24,000 posts the current accounting.
Kelly listed three items that were in the 2024 plan but not started and therefore not included in 2024 year‑end numbers: Veterans Walk monument repairs, the Veterans Walk parking lot, and design work for the Space Force project. She estimated those three items would total about $46,000 in additional expenses if included in 2025 and said the commission has discussed a possible mid‑year budget amendment to add them.
Commissioners confirmed they understood the timing and the rationale for leaving the items out of 2024 accounting and asked Kelly to report updated figures at the next meeting when more current revenue numbers are available.
