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Finance staff reports August results; unaudited balance $243,747.21 and quarterly budget amendments planned
Summary
Finance staff told the Fair Board that August revenue and expenditures are roughly in line with expectations, reported an unaudited beginning fund balance of $243,747.21, and said quarterly budget amendments (including a December amendment to adjust Fairgrounds lines) will be filed.
Finance staff reviewed the August financial report and year‑to‑date figures, saying revenue in fund 02/10200 is about 40% of budget while expenditures in 02/2475 are about 42% of budget. Capital fund 02/24 has year‑to‑date revenue of $18,273 (about 27% of the budgeted revenue for the year).
When asked about the beginning fund balance, staff explained the report leaves the beginning balance blank until auditors close the prior fiscal year but provided an unaudited figure: "that unaudited balance is 243,747 and 21¢," and cautioned that number may change once audits are complete. Staff said they will submit quarterly budget amendments (next amendment end of December/start of January) to better align budgeted revenues and expenditures with actuals.
The board also discussed a one‑time additional state payment that will raise the lottery distribution by about $30,000 this coming January; staff characterized that payment as a one‑time governor‑approved supplement and not an ongoing increase.
Why it matters: The unaudited fund balance and planned quarterly amendments affect the Fair Board’s view of available resources, capital improvement possibilities and how surcharges (like RV fees) will be tracked and shown in future budgets.
Next steps: Finance staff will include Fairgrounds lines in the December/January budget amendment and continue to provide line‑item detail on recurring surcharges and capital lines for transparency.
