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Taos County approves fourth-quarter financial report showing $3M variance attributed to underbudgeting
Summary
The Taos County Commission unanimously approved the FY23–24 fourth-quarter financial report; staff told commissioners the roughly $3 million variance was mostly due to underbudgeting of gross receipts and property-tax revenues and transfers between funds.
The Taos County Board of County Commissioners voted to approve the county's fourth-quarter financial report for the year ending June 30, 2024, during its July 29 meeting.
Finance staffer Emily presented the recap, saying the county's actual revenues exceeded budgeted expectations by about $3,000,000 and that transfers and underbudgeting created the variance. "Our actuals, we actually came in, quite over and above, in our revenues by 3,000,000," Emily said during the presentation. Commissioners asked for detail on the source of the variance; Emily and staff pointed to stronger-than-projected gross receipts taxes and property taxes and to conservative prior budgeting.
Commissioner Miguel Romero moved to approve the report; Commissioner Darlene Vigil seconded the motion. The clerk called the roll and recorded affirmative responses, and the commission approved the fourth-quarter report by recorded voice vote.
The approved financial report will be submitted to the state as the county's verified fourth-quarter cash recap, and staff said the report reconciles the county's cash and reported investments. Emily noted investments rose modestly during the year and that the reconciled ending cash balance will be applied to the FY25 budget calculations.
