The Adrian City Commission approved year-end budget amendments Aug. 17 after preliminary figures showed expenditures exceeded revenues by about $500,000 for the fiscal year that ended June 30.
Finance Director Nathan Owen said an annual audit is still underway, meaning the figure could change. He told officials that several major revenue sources came in below expectations, including marijuana tax revenue, which missed budget projections by “a couple hundred thousand dollars.”
Owen also cited a lower-than-anticipated final revenue-sharing payment from the state.
The deficit requires corresponding expenditure adjustments to comply with Michigan’s Uniform Budgeting and Accounting Act.
Commissioner Matthew Schwartz said he’d like to see future budget information presented in a simpler format.
“I’d like to know where we are with the budget in a clean and easy way,” he said.
Owen said administrators now have a clearer understanding of which anticipated revenues will materialize during the current fiscal year and which won’t. Officials thanked him for his work preparing the year-end adjustments and managing finances while the audit continues.
— Contact reporter Corey Murray at cmurray@lenconnect.com or follow him on X, formerly Twitter, at @cmurrayhdn.
This article originally appeared on The Daily Telegram: Adrian approves year-end budget adjustments after $500K shortfall
Reporting by Corey J. Murray, The Daily Telegram / The Daily Telegram
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By Corey J. Murray, The Daily Telegram | USA TODAY Network
