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Silver City reports improved May balances, approves $3.69M June expenditures and hires audit-prep firm
Summary
Operations/Business Manager presented May financials showing improved General Fund balances, highlighted June expenditures totaling $3,693,850.37, and described engagement of an audit-preparation firm to ready FY25 and FY26 audits; councilors asked about reserves and museum fundraising transparency.
Operations/Business Manager presented the town’s monthly financial report and the June 30 expenditure report and stood for council questions.
For the month of May the presenter reported a General Fund beginning balance of $1,588,463.23, receipts of $1,000,570 and disbursements of $1,756,902.19, leaving a month-end balance of $1,405,661.29. The largest-tax fund reported a May ending balance of $56,552.91.
The June 30 expenditure report showed total expenditures of $3,693,850.37 (accounts payable $3,185,770.82; payroll $508,079.55). Highlighted payments included a reimbursable state grant payment for the Vista Stepalta retaining wall project (listed as $461,000 and later a larger state-grant disbursement described as $655,218 for related work), tipping-fee payments to the Southwest Solid Waste Authority, a professional-services payment to Universal Waste Systems of New Mexico ($170,884), marketing payments to Sunny 505 ($48,420 for May–June), software renewal to Civic Plus LLC ($20,325), Stantec Consulting professional services ($29,550), IT services for the rec center ($51,277), and payments related to audit preparation.
On audit work, the presenter said the town has contracted a firm to assist with loose ends on the FY25 audit and to start preparations for FY26; the firm will review policies and procedures and is expected to take about six months with audit work anticipated to begin in January 2027. "It's gonna take the better part of 6 months for us so we should be ready to have our audit come started in January 2027," the operations/business manager said.
A councilor raised why the Friends of the Museum fund did not appear in town reports; staff said the museum’s Friends group is handled through the Gila Community Foundation and offered to request a donations report so the council can see revenues directed there.
Ending: Council received the financial and expenditure reports, asked for clarifications on reserves and outside funds, and will continue monthly reporting while staff readies audit documentation and requested foundation reporting for museum donations.
