ROSWELL NEW MEXICO
AGENDA ITEM ABSTRACT
AGENDA ITEM ABSTRACT
2.
Special Council Meeting
- Meeting Date:
- 07/23/2026
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Kurt Gass
ACTION REQUESTED:
Resolution 26-42 - Approval of Resolution 26-42:Authorizing the Fiscal Year 2025-2026 Year-End Budget Adjustment and submission of the adjustment to the New Mexico Department of Finance and Administration, Local Government Division. (Gass/Gomez)
BACKGROUND:
Initiated by: Toni Gomez
As part of the fiscal year-end closing process, Finance reviewed the City's Fiscal Year 2025-2026 budget and financial activity to identify adjustments necessary to align the approved budget with revised revenue estimates, actual and projected expenditures, transfers, grant activity, capital projects, and other financial commitments recorded through June 30, 2026.
The proposed year-end budget adjustment addresses changes that occurred after adoption of the Final Budget and subsequent budget adjustments approved during the fiscal year. These changes may include recognizing additional or reduced revenues, adjusting expenditure authority, correcting account classifications, reconciling transfers between funds, and providing sufficient budget authority for qualifying expenditures incurred before the end of the fiscal year.
The adjustment does not authorize departments to spend additional funds after the close of the Fiscal Year 2025-2026. Its purpose is to ensure the City's final budget accurately reflects authorized financial activity and complies with applicable state budget and financial reporting requirements.
As part of the fiscal year-end closing process, Finance reviewed the City's Fiscal Year 2025-2026 budget and financial activity to identify adjustments necessary to align the approved budget with revised revenue estimates, actual and projected expenditures, transfers, grant activity, capital projects, and other financial commitments recorded through June 30, 2026.
The proposed year-end budget adjustment addresses changes that occurred after adoption of the Final Budget and subsequent budget adjustments approved during the fiscal year. These changes may include recognizing additional or reduced revenues, adjusting expenditure authority, correcting account classifications, reconciling transfers between funds, and providing sufficient budget authority for qualifying expenditures incurred before the end of the fiscal year.
The adjustment does not authorize departments to spend additional funds after the close of the Fiscal Year 2025-2026. Its purpose is to ensure the City's final budget accurately reflects authorized financial activity and complies with applicable state budget and financial reporting requirements.
FINANCIAL CONSIDERATION
The specific adjustments to revenues, expenditures, and transfers are detailed in the attached budget adjustment schedule.
LEGAL REVIEW:
Not applicable.
BOARD AND COMMITTEE ACTION:
The Fiscal Year 2025-2026 Year-End Budget Adjustment has not previously been presented to a committee. The City Council is the first governing body to consider the adjustment for approval.
STAFF RECOMMENDATION:
Staff recommends approval of Resolution 26-42 authorizing the Fiscal Year 2025-2026 Year-End Budget Adjustment and submission to the New Mexico Department of Finance and Administration, Local Government Division.