North Kings GSA is securing a six-month financial reserve after the board approved its revised Fiscal Year 2022-2023 budget with decreased expenses. North Kings GSA aims to responsibly steward its finances and create a safe operating margin on behalf of its stakeholders. The six-month reserve will add security to the good financial standing of the agency.
This budget revision is less than what was originally proposed due to less expenses than estimated. North Kings GSA takes its role of financial stewardship seriously, making sure that stakeholders know their money is being used toward sustainability measures.
The revised budget reduced expenses for Kings Basin coordination fees, legal fees, audit expenses, engineering services, public information, and staff expenses. This surplus of $246,000 will help North Kings GSA create a reserve of six months’ worth of expenditures — a desirable target of the GSA. Any additional surplus beyond the six-month reserve will be contributed toward the fiscal year 2023-2024 budget.