Brooks council adopts amended FY2024 budget, adding $73,613 to fund balance; millage hearing set

The Brooks Town Council voted unanimously Oct. 21 to adopt an amended Fiscal Year 2024 budget that reflects higher-than-expected revenue and modest expense overruns, producing an unaudited addition of $73,613 to the town's fund balance.

Town Clerk and Finance Officer Lorey Spohr presented the figures during the council's public hearing, saying the adopted FY2024 revenue figure of $404,447 ended the year at $499,643, an increase of $95,196. Adopted expenses of $404,447 ended at $426,030, an overage of $21,583. Spohr said the result is an unaudited FY2024 fund balance of $467,767, the equivalent of roughly eleven months of operating reserves.

The council formalized that change by approving Resolution 2024-005 on a motion by Council Member Brian Davis, seconded by Council Member Scott Israel; the vote was unanimous.

Why it matters: the larger fund balance increases short-term fiscal flexibility for town services and capital needs, and the council discussed revenue sources that contributed to the gain, including restricted Local Maintenance and Improvement Grant (LMIG) funds. Spohr reported LMIG restricted funds rose from a budgeted $15,000 to $41,315 with no FY2024 LMIG expenditures.

Residents raised questions about the town's rental-property revenue during public comment. Aaron Edge asked for a breakdown of the $37,524 line-item reported for rental income and whether the town is marketing its rental properties more actively instead of raising taxes. "The dollar amount seems low," Edge said. Spohr replied that about $26,000 of the total is cell-tower rent, that long-term tenant Lee Mize pays $325 monthly (prepaid), and that FY2024 rates for the chapel and Hardy Hall were $2502$350 and $160 per day, respectively. She said appraisals for the three town properties had just been received and staff would investigate comparable sales.

The council did not raise the millage rate at the meeting. Spohr reviewed two millage scenarios: a rollback rate of 1.129 mills and an alternative of 1.207 mills; the latter would generate an estimated $4,748 more than the rollback scenario based on the 2024 digest. Mayor Daniel Langford noted that proposed state ballot language (HB581) could limit future taxable-value increases to changes in the Consumer Price Index and that the outcome might affect next year's property-tax revenue. A final public hearing on the 2024 millage rate was scheduled for Oct. 23 at 5:00 p.m.

Next steps: the adopted amendment will be reflected in the town's audited financial statements for FY2024; staff said they will follow up on the rental-property comparables and marketing options discussed during public comment.