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Hobbs approves budgetary adjustment adding $5.5M in revenue, raising reserve to 36%
Summary
The commission adopted Budgetary Adjustment No. 5 (Resolution 77 59), increasing budgeted revenue by $5.5 million—largely from higher-than-expected gross receipts—and reducing expenses by roughly $116,000, which raises the general fund reserve from 31% to 36%.
Assistant Finance Director Deb Corral presented Budgetary Adjustment No. 5 (Resolution 77 59) for fiscal year 2025–26. Corral said the city is adding approximately $5.5 million in revenue, largely driven by gross receipts collections coming in higher than budgeted, while reducing the expense side by about $116,000. The result increases the general fund reserve from 31% to 36% and yields a projected budgeted ending cash of $106,312,349.
Corral walked commissioners through the aggregate numbers and noted reductions and adjustments across departmental budgets. Commissioners thanked staff for budget work; a motion to approve was made, seconded and the chair announced the resolution passed.
Next steps: finance staff will implement the approved adjustments in the city’s accounting system and report any required public updates in accordance with municipal budgeting rules.
