Overestimated of overspent? Shoshone County's budget mystery solved

WALLACE –– A recent report suggests Shoshone County's financial situation may be less severe than previously believed.

Consulting firm Eide Bailly reviewed the county's financial statements from the past three years, focusing on a reported $1.7 million overspend. Its findings, released earlier this month, paint a more nuanced picture.

While budgeted expenditures exceeded revenues in 2021, 2022 and 2023, actual spending only outpaced income in the 2023 justice fund, by $451,165, which pays for the county's law enforcement. 

This discrepancy between budgeted and actual figures was one of several issues highlighted by the consultants.

Eide Bailly noted inconsistent expense categorization, mismatched budget projections and varying payroll calculation methods across departments. The sheriff's office, operating on a separate pay matrix, saw wage increases of 10-15% based on anticipated revenues that hadn't materialized.

Commissioner Tracy Casady acknowledged the overestimation, stating, "The multimillion-dollar hole was inaccurate. The economy and inflation have been insane since COVID. This left us with more expenses than revenue in some areas."

The report recommends several improvements, including a unified salary matrix, an enhanced budgeting process and better financial planning. 

"Since we have been cutting back on expenses, it is better now, except for the sheriff's department.," Casady added. "Now that they have their own justice fund, they need to find revenue avenues to support their salaries and expenses."

The full Eide Bailly report is available on the county clerk's page at www.shoshonecounty.id.gov.