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Montrose general fund finished 2024 stronger than policy minimum despite revenue shifts
Summary
Auditors reported the City's general fund ended 2024 at about $2.1M (roughly 124% of the target balance), driven by higher-than-budgeted licenses/permits, ARPA receipts and investment income even as taxes declined across three years.
The City of Montrose's general fund ended 2024 with an approximate balance of $2.1 million, well above the council's fund-balance policy of 40% of the next year's budget, auditors reported. "At the end of 2024, you're at about a 124%," Andy said while presenting a five-year fund-balance history.
Auditors attributed a revenue variance — roughly $320,000 over budget — chiefly to stronger licenses and permits tied to building activity, partial recognition of ARPA (COVID-relief) funds and higher investment interest; expenditures were about $292,000 over budget, driven by building inspection activity and public safety costs. Andy noted that taxes, the city's main revenue source, have fallen each of the last three years and that the fund-balance policy exists to bridge timing gaps until the county tax settlement arrives midyear.
Councilmembers heard that capital projects (about $134,000 in 2024) and a $74,000 land sale also affected financing flows. The auditors emphasized the importance of monitoring revenues and expenditures throughout the year and carrying forward these results into long-term financial planning.
