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Tequesta director of finance reports $867,000 positive variance; reserves and major water projects outlined
Summary
Finance director Jeff told council the village closed the fiscal year with an estimated $867,000 positive variance (about 4.3% of budget), $5.1 million in emergency reserves and $2.9 million available for appropriation; several capital water projects and replacements were highlighted, with estimated multi-million-dollar costs.
At the Dec. 11 council meeting, Village Finance Director Jeff presented preliminary fiscal-year financial results required by the village charter.
Jeff said the village ended the fiscal year roughly $867,000 ahead of budget — about 4.3% — and noted a number of contributing factors including a $175,000 positive variance in property taxes and a $67,000 FEMA grant. "We ended that positive by $867,000 or 4.3% of our budgeted money," he said, while cautioning that auditors have not closed the year.
Jeff reported the village maintains emergency reserves of about $5.1 million (a 25% set-aside) and an available appropriation balance of about $2.9 million. The building-permit fund had a strong year (about $1.4 million in revenues), and unrestricted fund balance for utilities was reported as roughly $14 million.
Heads of utilities and public works joined the discussion about planned capital work. Allison Fsburg, the newly appointed utilities director, summarized ongoing and planned water projects: County Line Road water-main replacements (~$3M), filter upgrades (~$900,000), and water-treatment plant upgrades (estimated $7.3M).
Council members pressed staff on potential state-level property-tax changes and their implications; Jeff said the village is positioned to respond but would need to be nimble if state action reduces local revenues. Council asked staff to flag areas of risk during the budget process and to provide periodic updates on major capital commitments.
No additional appropriations were requested at the meeting. The council thanked staff for the report and moved to consent items.
