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Committee recommends moving FY2024 surplus to transportation and capital projects
Summary
Finance staff reported a FY2024 general-fund surplus of about $3.4–$3.6 million and the committee voted unanimously to forward a plan that would keep $500,000 in the general fund, transfer about $1.5 million to the Transportation capital fund, and move the balance to the capital projects fund for debt service and reserves.
Finance staff told the Finance & Policy Committee on Sept. 3 that the city closed FY2024 with revenues and expense management producing an estimated surplus in the $3.4 million to $3.6 million range.
Finance Director Holly Abber Crumby said department heads managed expenses well and that the city avoided unplanned disaster spending, allowing the positive year-end result. She recommended moving part of the surplus into the Transportation capital fund to support sidewalks, trails and roads, transferring roughly $1.5 million there, while leaving approximately $500,000 in the general fund and placing the remainder into the capital projects fund to cover debt service and reserves.
Abber Crumby also told the committee that the city closed a $1.4 million lease-purchase financing and had received the funds, and that the official audit work would begin at the end of the month.
Committee members asked about minor outstanding receipts (staff flagged roughly $25,000 from a natural-gas payment) and staff clarified that any remaining variance would be left in the general fund and not moved into the transportation allocation. Councilmember Matney made the motion to forward the staff recommendation to full council with a recommendation for approval; the motion carried unanimously.
The committee’s recommendation will be placed on a future full-council agenda for final approval. The packet materials referenced by staff include detailed line items and allocations; staff will provide finalized figures when the audit is complete.
