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Hurley board authorizes 2025 budget reconciliation; staff report interim surplus around $144,800
Summary
Finance staff presented a reconciliation of the 2025 general and highway budgets, reporting an interim surplus (about $144,867) after offsets; the board approved a resolution authorizing reconciliation and discussed CHIPS timing, capital transfers and several routine resolutions.
Finance staff described a year‑end reconciliation intended to close 2025 fiscal gaps and populate capital lines. The presenter said shortages were corrected and that, after transfers and offsets, the town had an interim surplus of about $144,867; staff recommended next steps for moving surplus to capital or contingency accounts.
The presentation covered CHIPS (federal/state highway funds) timing—staff said one CHIPS payment missed the November submission window and would instead be submitted for March for payment in April—and outlined how capital and general fund lines were adjusted so the annual financial report (AFR) would reflect capital appropriations properly. Finance staff described a process change aimed at making capital transfers contemporaneously with resolutions rather than as year‑end bookkeeping entries.
Board members approved a resolution authorizing the reconciliation and directed staff to attach supporting documentation and assign resolution numbers for record keeping. The reconciliation presentation also referenced a budgeted payment of $112,500 tied to ambulance services; staff said that would be addressed in follow‑up accounting steps.
Members praised the budget team for the reconciliation work and requested a subsequent follow‑up reconciliation at the second January meeting to finalize unposted items and confirm the final surplus figure.
