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Palm Beach Shores adopts Budget Amendment No. 3 after fiscal-year report showing litigation-driven shortfall
Summary
The Town Commission approved Budget Amendment No. 3 to balance the FY 2024/25 budget after Treasurer Darlene Hopper reported a year-end draw from reserves largely to cover litigation costs; the amendment adds $107,289 and reduces the unassigned fund balance below the 25% benchmark.
The Palm Beach Shores Town Commission on Nov. 17 adopted Resolution R-15-25, Budget Amendment No. 3, following Treasurer Darlene Hopper’s fiscal year-end report for 2024–25.
Hopper told the Commission that "Cash and Investments is $3,142,365," year-to-date revenue was $7,344,072 and the year-end revenue totaled $7,311,396 (103%). She said the town did not yet receive a $247,000 grant. Budgeted expenditures for the year, including three amendments, were $8,140,916; current disbursements and expenses totaled $8,033,627. To balance the year, the town removed $722,231 from the fund balance and added Amendment No. 3, which increases appropriations by $107,289. Hopper identified litigation costs of about $670,000 as the principal driver of the fund-balance drawdown.
Commissioner Kathleen McGahran moved to approve Resolution R-15-25, and the motion passed 5-0. Commissioners thanked Hopper for her work preparing the report.
The adoption leaves the town’s unassigned fund balance at about 21% of the budget benchmark (the town’s target is 25%). The Commission did not identify additional revenue sources at the meeting; no further financial action was taken. The fiscal-year report and resolution are included with the meeting agenda packet for public review.
