3/18/26 Finance Committee Meeting

The Hatters TV Finance Committee convened on March 18, 2026, to review the February 2026 financial reports. The discussion focused primarily on budget expenditures, encumbrances, and surplus funds within the general fund and ARPA grants. Committee members examined a $12.8 million expense for the month and a year-to-date spend of $93.1 million against a $172 million operating budget, noting a current surplus of approximately $5.1 million. Key procurement-related topics included one-time spend-down items, encumbrances for supplies and services, and the management of benefits costs, particularly health and dental. The committee also discussed the importance of timely purchase orders to ensure expenses are recorded in the correct fiscal year and efforts to improve vendor management and compliance with federal procurement regulations. Additionally, the committee addressed the establishment of a reserve account for audit-related funds, with plans to formalize fund transfers and policies at the next meeting. A motion to wait until the next finance committee meeting to move reserve funds was made and approved unanimously.