Lake Point's fiscal 2025 audit gives General Fund spending over budget as $148,767, $148,769 and $152,933

Lake Point's General Fund spent more than its final fiscal 2025 budget allowed, according to the city's audited financial statements. The report states the amount three ways. ^[1]

The three figures

Finding 2025-03 says "the City was over-budget in the General Fund by $148,767." It cites the state law that bars city officers from making expenditures in excess of total appropriations. ^[1]

Note 7 says, "For the year ended June 30, 2025, expenditures exceeded appropriations in the General Fund by $148,769," and that the over-expenditures "were funded by available fund balance." The management discussion also says actual expenditures were $148,769 more than budgeted. ^[1]

The General Fund budget-to-actual schedule lists total expenditures with an original budget of $2,131,586, a final budget of $1,312,454 and actual spending of $1,465,387. Its variance column shows $152,933. ^[1]

How the budget changed

The same schedule shows the city cut General Fund expenditure appropriations by $819,132 between the original and final budgets, while raising budgeted transfers out from $375,000 to $472,000. Actual transfers out were $851,856. ^[1]

The finding says that when the budget was amended at year-end, "not enough was appropriated to cover estimated expenditures," and recommends that estimates of accrued expenditures be considered. ^[1]