Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Q2 finance update: general fund near budget, SCRAPS gap addressed with fund transfers
Summary
Jessica told the committee general fund revenues were favorable year-to-date while expenses were unfavorable, netting near budget; addressing a SCRAPS interlocal funding gap (~$700,000) staff proposed closing dormant funds and transferring approximately $500,000 from a pension contributions fund to cover the shortfall.
Finance staff presented the Q2 variance report and year‑to‑date highlights. Jessica said unaudited 2025 financial statements remain under review by the State Auditor's Office and that, overall, general fund revenues were favorable while expenses were unfavorable to budget, which netted the general fund close to its plan at midyear. She noted a roughly 4% year‑over‑year increase in raw taxable sales, which supported general fund revenue performance.
Jessica also briefed council on SCRAPS (the regional program under a new interlocal agreement) and an estimated funding gap. She said the April estimate was $1.3 million unfunded but monthly SCRAPS invoices have moderated and the gap is now about $700,000. To close that gap, staff proposed an SBO to close three inactive funds and transfer their balances into the general fund, and to transfer about $500,000 from the pension contributions fund—an approach similar to prior one‑time transfers used to cover shortfalls.
Council members asked whether the fire pension board had been consulted. Jessica said the transfer plan has not yet been part of the fire pension board agenda; council members recommended staff seek board input or informally consult the board before executing the transfer.
Next steps: staff will prepare the SBO to close dormant funds and transfer fund balances, and will return with any additional follow‑up requested by council about stakeholder consultation on the pension‑fund transfer.
