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Addison council approves second FY2025 budget amendment to reallocate project funds
Summary
The council approved an ordinance amending the town’s FY2025 budget to reappropriate prior-year encumbrances and authorize transfers into a self-funded special projects fund and the economic development fund; staff estimated about $1.6 million in excess sales-tax revenue and a net budget change of roughly $3.76 million including encumbrances and prior-year expenditures.
The Addison Town Council on Sept. 23 approved an ordinance amending the fiscal year 2025 budget to reallocate prior-year encumbrances, record grant revenue and authorize transfers among funds.
Chief Financial Officer Steven Glickman told the council the amendment authorizes the city manager to transfer up to 75% of excess revenues to the self-funded special projects fund and allows 25% of that amount to move to the economic development fund.…
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