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Midyear finance update: Huachuca City reports $231,000 unaudited surplus; landfill fund noted
Summary
Finance staff told council the town shows an unaudited $231,000 surplus through Jan. 31 (59% of the fiscal year); most funds are within budget but the landfill fund requires monitoring pending a GADA grant repayment amortized over 10'15 years.
Ruben Villa, presenting the town's financial report for the period ending Jan. 31 (about 59% of the fiscal year), told the council the town's unaudited figures show revenues exceeding expenditures by approximately $231,000.
Villa cautioned the figures are unaudited and subject to change with the year-end audit. He said most departmental actuals are under budget, though some line items are above estimates because of timing or underestimates; staff will reexamine line items during the budget process and make reallocations as needed. Villa identified the landfill fund as the single fund that warrants attention; staff expects to receive GADA grant funds that will reimburse recent expenditures and noted the reimbursement would likely be amortized over 10'15 years, which will relieve short-term budget pressure.
Council used the report as background for initiating the Truth in Taxation notices and for approving the budget calendar; no final budget or rate decisions were made at the meeting.
