Farmington council adopts budget‑adjustment resolution to reclassify capital costs; vote 4‑0
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Summary
City council approved Resolution 2025‑1994 (budget adjustment No. 10) to transfer certain nonrecurring capital expenditures from the general fund to the capital projects fund to conform with Governmental Accounting Standards Board rules. The motion passed 4‑0.
Farmington City Council on Tuesday adopted Resolution 2025‑1994, a budget adjustment the city described as “Adjustment No. 10” that moves nonrecurring capital costs out of the general fund and into the capital projects fund to comply with Governmental Accounting Standards Board (GASB) requirements.
Finance staff told the council the adjustment reflects a year‑end review of capital purchases made through the general fund and the need to reclassify those items to capital projects so financial statements accurately show capital spending. The presenter said the transfers are largely an accounting reclassification and will be net zero overall; staff also cited a number of one‑for‑one adjustments and an increased designated cash carryforward in a tax fund.
Councilor Chiquino moved to adopt the resolution; Councilor Bingham Kelley seconded. The motion passed on a 4‑0 voice vote.
Why it matters: The transfers align the city’s accounting records with GASB standards and move capital spending into the capital projects fund where multi‑year capital costs are tracked. Staff described the action as an internal reclassification rather than a program expansion or new spending authority.
No public testimony or amendment was recorded during the vote; the council adopted the resolution as presented.