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Farmington council approves FY2027 preliminary budget to meet state filing deadline
Summary
The Farmington City Council approved the FY2027 preliminary budget on a 4–0 vote to allow operations into the next fiscal year and meet a June 1 submission deadline; city staff cited revenues of roughly $309.8 million and expenditures of $371.8 million, with required reserves met.
The Farmington City Council on May 26 approved the fiscal year 2027 preliminary budget and directed staff to submit the package to the New Mexico Department of Finance and Administration by the June 1 deadline.
Jim Cox, presenting the budget, said the preliminary document shows total revenues of about $309,821,393 and total expenditures of $371,846,550, figures that reflect use of special‑purpose funds and capital carryovers. He told the council the general fund remains balanced and that the city meets the one‑twelfth reserve requirement (cited at $7,760,000). Cox also said the electric reserve stands near $29.8 million.
Cox and City Manager Reeves reminded councilors that the preliminary budget allows the city to operate while staff finalizes year‑end accounting ahead of final adoption. Staff scheduled a public input session for July 14 and asked the council to consider final adoption by resolution on July 28; the DFA submission deadline was described as July 31 for the final package.
Councilor Rogers moved approval of the interim budget; the motion was seconded and carried 4–0. The finance department will submit the materials to DFA and continue the budget refinement process ahead of the July public hearing and final adoption vote.
Implementation notes: the city indicated some spending will draw on restricted special‑revenue accounts and grant proceeds; councilors asked staff to continue stakeholder outreach during the July hearings.
