By Ben Conley, The Dominion Post
MORGANTOWN — The city of Morgantown is freezing 59% of its financial stabilization fund — representing $2 million — as a last-resort contingency measure in light of a $3,237,685 budget shortfall.
The issue comes down to carryover.
When the city passed its $45.3-million general fund budget earlier this year, it factored in an estimated carryover of $5,958,750.
The city’s actual carryover is $2,721,065.
Jon Furgison, who took over as the city’s finance director in July 2024, explained there is a timing factor that plays into the discrepancy which has been exacerbated by misaligned accounting methodology — cash basis for the budget process versus accrual basis for budget carryover.
“In prior years — not every year, but in prior years — that estimate, or that carryover was calculated on a different basis of accounting incorrectly,” Furgison said during Tuesday’s Morgantown City Council meeting.
Read more: https://www.dominionpost.com/2025/07/23/carryover-accounting-leaves-morgantown-3-2-million-short/
