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Treasury report: FY24 year-end snapshot shows $5M carryover, donor bonus adjusted
Summary
Treasurer presented a final FY24 financial snapshot Sept. 18: a year-end balance near $5 million (including a $500,000 reserve), a donor-bonus adjustment from roughly $700,000 to $646,000 and FY25 revenue projections of about $7.9 million including state allocations.
Jim Bakker, the committee’s treasurer, delivered the fiscal-year 2024 final snapshot on Sept. 18 and outlined revenue, expenditures and near-term projections for fiscal 2025.
Bakker said the county started FY24 with a balance of about $9.3 million, recorded just over $4 million in revenue during the year, and had expenditures of roughly $7.8 million, leaving a year-end balance near $5 million that includes a $500,000 reserve. "This is the final snapshot of '24," Bakker said, summarizing the package included in members’ meeting materials.
Bakker told members the donor bonus was adjusted downward from about $700,000 to $646,000 because of a reporting error in York County related to the number of gallons of gasoline sold. He also said Beaufort County’s share of a $200 million statewide non-recurring allocation was about $4.6 million. Combined with recurring revenues, Bakker said FY25 projected revenues approach $7.9 million.
Committee members raised the practical problem of spending large one‑time allocations within typical grant or program windows. The chair (S1) noted that state allocations often come with a one‑year expectation for use, and cautioned that contractor availability may limit the county’s ability to obligate and complete projects within that timeframe.
Next steps: staff will roll over requisitions and provide an updated view of project carryovers and projections at the next committee meeting several months into FY25.
