Idaho Falls redevelopment agency authorizes publication of tentative FY2027 budget after approving revamped finance report

The Idaho Falls Redevelopment Agency on July 16 approved a revised finance report format and authorized publication of a tentative fiscal year 2027 budget, setting a public hearing for Aug. 20.

Cassie, a staff member for the agency, walked the board through a revamped budget-to-actual report produced from the agency QuickBooks file covering fiscal year-to-date from Oct. 1, 2025, through July 16, 2026. She said the change adds budget-to-actual columns for revenues by fund, not just expenditures, to provide a more income-statement view alongside expenditure tracking. "The budget column is the full year. The actuals is from beginning to current," Cassie said.

Commissioners pressed for clearer formatting to separate balance-sheet items from annual revenue reporting. One commissioner said showing available cash balance and capital-project amounts under a single 'revenue' heading could be misleading because those are not recurring annual revenues. Cassie replied the intent is transparency so the public and taxing entities can see cash accumulated in each district and how it could be used for capital projects.

Board members requested a variance column and a top-line “cash available” summary to show how cash balances relate to projected revenue and where the agency stands year-to-date. Cassie agreed to add a variance column and to explore a formatting option that shows cash available plus revenue, with separate lines for operating (G&A) expenditures and capital projects.

On a motion to authorize publication of the draft FY2027 budget and to set a public hearing for Aug. 20, the board approved the action by voice vote. The motion to publish was moved by a commissioner (mover: Commissioner, speaker 2) and seconded by another commissioner (second: Commissioner, speaker 4). The chair called the vote and the motion passed.

Cassie cautioned that property-tax projections in the tentative budget are provisional: the agency uses parcel data and historical patterns because levy rates from the county had not yet been provided, and June 20 tax receipts were not included in the July 16 report. "We're only including everything that we've received up until this point," she said, confirming the June 20 receipts were not yet recorded.

The board also approved separating legal and management fees on the expenditure side so the agency can more readily see what it is paying for legal services versus management or city-provided services. That change aims to make invoices (for example, payments to counsel and to the city) more transparent when reviewing contracts and cost-effectiveness.

Next steps: staff will publish the tentative FY2027 budget as directed, prepare materials for the Aug. 20 public hearing, and incorporate the agreed formatting adjustments (variance column and clearer labeling of cash versus revenue).