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Council approves FY2025 budget adjustment to account for carryovers and new grants
Summary
Staff presented Budget Adjustment No. 1 to bring accounting in line with GAAP by including carryover purchases from 2024 and newly awarded grant revenues and expenditures; council voted to approve the adjustments after finance staff explained the accounting treatment.
City staff presented Budget Adjustment No. 1 for fiscal year 2025 to align the city's accounting with generally accepted accounting principles. Hansen and finance staff explained that the adjustments include carryover purchases ordered in 2024 but paid in 2025, and new grant-related revenues and corresponding expenditures that were not available at the time the original 2025 budget was adopted.
Finance clarified that the adjustment is largely a bookkeeping alignment — for example, purchases ordered in 2024 but delivered in 2025 are recognized in the current year's spending so that budgets reflect actual activity. Council members asked clarifying questions about whether the adjustment increases the budget; staff said that some items reflect additional grant revenue and associated expenditures while others simply reallocate previously approved funding into the current year's accounts. Council approved the adjustment on roll call.
