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Finance presenter reviews quarterly highlights; library property insurance will require small amendment
Summary
Carlos presented a trimmed quarterly budget memo and fielded questions; staff said the library property insurance exceeded the forecast by roughly $100 and a budget amendment will be needed to cover the shortfall.
Carlos presented a condensed memo accompanying the quarterly budget report to highlight monitored areas and reduce in-meeting data review. He said interest revenue exceeded conservative estimates, which inflated a particular revenue percentage. "So, essentially, there was no anticipated revenues... we made more interest revenues than we anticipated," he explained.
Council asked about the library insurance line after Carlos explained that the property-insurance bill was higher than budgeted—around a roughly $100 difference—and that a budget amendment would be needed to cover the extra cost. Carlos said he plans to include that adjustment when he brings a budget-amendment ordinance forward at a future meeting. The council had no further questions and accepted the update.
