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Finance director outlines $2.4M beginning-balance reconciliation in first reading of budget amendment
Summary
Finance Director Kristen Reed presented the first reading of Ordinance 2841, describing nearly $2.4 million in beginning-balance differences, $1.4 million revenue increase (rollovers), $2.6 million expense increases, and proposed FTE adjustments to support implementation of new financial software.
Finance Director Kristen Reed presented Ordinance 2841 as the council’s first 2026 budget amendment. Reed said the principal purpose is to reconcile estimated beginning fund balances with actuals — an "almost $2,400,000" difference driven largely by projects that were not finished on schedule.
Reed summarized the amendment's fiscal effects: an approximately $1,400,000 increase in revenue tied to grant rollovers and fund transfers, an approximately $2,600,000 increase in expenses, and an increase in ending fund balance of just over $1,000,000. She also highlighted personnel adjustments included in the amendment: increasing a media services technician position from 0.5 FTE to 1.1 FTE and adding a 0.5 FTE administrative specialist in finance temporarily to support implementation of the city’s new financial software.
Reed closed by noting this was the first reading and staff would answer further questions at subsequent sessions. The council did not take a final vote on adoption at this meeting.
