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Finance staff urges modest budget amendment after property-tax shortfall; LGC finding cited
Summary
Finance staff reported a forecast shortfall tied to property-tax figures and recommended a small fund-balance appropriation and reclassification to avoid a roughly $300,000 variance that the speaker said would be flagged as a finding by LGC; staff listed a $50,000 workers' compensation premium and about $72,000 in open purchase orders as drivers.
Finance staff delivered a multi-fund budget briefing and recommended a first budget amendment to provide a modest contingency and to correct line-item classifications ahead of an audit. The presenter cited a $50,000 workers' compensation insurance premium and roughly $72,000 in outstanding open purchase orders that would affect the general fund. "Inside of these numbers, there is a $50,000 insurance premium for, workers' compensation..." Finance staff said, and recommended a fund-balance appropriation to give the city some wiggle room.
The speaker said the city also faces a roughly $300,000 variance in property or parking-tax estimates that "will be flagged by LGC as a finding." Finance staff recommended moving budget dollars between tax categories to avoid the finding rather than leave the variance unaddressed. Chair pressed staff on how the forecast compares to what will be available on July 1; staff said earlier estimates used 2023 audit numbers and that access to updated tax roll information should allow a more accurate final budget. No formal vote on the amendment was recorded in the transcript.
