Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Finance staff flags $780,000 early‑year deficit; aldermen opt to hold $150,000 audit contingency
Summary
At Smithville's work session finance staff reported a conservative early‑year projection showing a roughly $780,000 deficit; the board directed staff to hold an estimated $150,000 audit expense in fund balance and revisit allocations at midyear.
Finance staff presented the city's first quarter (1st 0.25) budget review and cautioned that conservative assumptions show a current projected deficit in the general fund. "That deficit we have for this year is showing right there at 780,000," the finance presenter said, emphasizing that projections are preliminary at this stage of the year.
Staff also flagged a future state audit charge estimated at approximately $150,000 to be paid in 2027 and asked the board how to treat that amount. After discussion, the mayor asked each alderman for guidance and Alderman Hartman (speaker 5) said, "I believe that we just need to hold those funds." Several other board members agreed it was prudent to leave the $150,000 in fund balance for now and consider requests from staff or revisit at midyear rather than immediately allocate the money.
Finance staff walked the board through revenue timing issues including a Clay County extension to property tax processing that has delayed receipts and noted that use tax and building permits are performing above early expectations. The board gave staff direction to monitor revenues and return with updated projections at midyear.
