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Q4 2025: San Juan County reports revenues above budget, interest income lifts reserves
Summary
Budget analyst Molly Foote told the council that San Juan County received nearly all budgeted revenues in 2025, the current expense fund took in about 105% of its revenue budget and spent 91%, and interest receipts were substantially above budget—boosting cash reserves but creating volatility for future budgets.
Budget analyst Dr. Molly Foote presented San Juan County’s fourth-quarter financial review for 2025 and told the council the county as a whole received nearly 100% of budgeted revenues while spending remained below projections.
Foote explained the county uses cash-basis accounting and fund-level reporting. For all county funds combined she said taxes were the single largest revenue source, making up approximately 43% of total revenue; taxes increased about 8.1% in 2025 compared with the prior year. For the current expense (general) fund specifically, she reported taxes accounted for about $19.1 million and about 65.3% of that fund’s revenues.
On expenditures, Foote said salaries and wages were the largest expense type across county funds (about $26.1 million, roughly 95% of the budgeted amount) and that total county spending came in at about 79.3% of projected uses for 2025. At the fund level the current expense fund was reported at roughly 105% of revenue received compared with 91% of budgeted spending, which Foote said increases cash reserves.
Foote highlighted several revenue sources and trends: intergovernmental revenue and grants were notable contributors; real estate excise tax (REET) receipts were variable (REET rate 1 was budgeted at $1,000,000 and realized roughly $951,000); lodging tax trended slightly downward over recent years; and interest income was unusually high—Foote stated the county budgeted $1.8 million for interest but earned about $4.5 million in 2025, a volatile source she described as a "wild card."
A council member asked about the insurance cumulative reserve. Foote explained the fund’s structure and how ending cash and budgeted expenditures are reported. A county staff member added that the reserve money is held to pay potential liabilities, citing lawsuits as an example.
Foote closed by noting some year-end transactions had yet to post and that final numbers would be available at the next meeting; she scheduled the 2026 first-quarter financial review and the first 2026 budget amendment discussion for the April 28 meeting.
The presentation provided the council with a snapshot to inform upcoming budget discussions, showing higher-than-expected interest revenues that boost reserves but that may not recur in 2026.
