Lake Point's fiscal 2025 audit gives three amounts for General Fund overspending

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]