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Council approves small year‑end appropriations after audit adjustments
Summary
Finance staff reported year‑end results for FY 2024–25 and the council approved two small appropriations: $679,833 from the insurance reserve fund and $3,123 from the pension trust fund to align budgets with actuals; staff will return Nov. 18 with first‑quarter FY26 updates.
The council received a year‑end financial report for fiscal year 2024–25 and approved two technical appropriations to align fund budgets with actual expenditures.
Finance Director Libby told the council that the revised June 30, 2025 financial reports include year‑end accruals and near‑final figures after audit fieldwork. Two funds exceeded appropriations and required end‑of‑year adjustments: the insurance reserve fund (liability claims) and a dormant pension trust fund. The insurance reserve experienced larger liability claim payouts than budgeted and requires $679,833; the pension trust fund requires $3,123 due to higher retiree medical costs. Libby said the general fund showed an increase of about $2.3 million before accounting for carryforward encumbrances (about $470,000 net after carryforwards).
Council voted 5–0 to appropriate the requested amounts from the specified funds and to receive the report. Libby said finance will present a FY 2025–26 first‑quarter budget update on Nov. 18 and return to the finance subcommittee and council with an insurance fund long‑term funding discussion in the months ahead.
