Monday, July 22, 2019

City Revenues Up, Expenditures Down -- Long Term Trend Continues

Each month the Finance Department reviews the prior month’s financial performance. Some highlights from the end of June include:

General Fund revenues continue to trend over projections by approximately 12% due to one-time collections of sales tax on construction.

 The one-time collections appear in the sales tax category which is over expected collections by approximately $7 million.

Property taxes the second largest revenue source in the General Fund are on budget.

Utility taxes are trending lower by approximately $1 million.

Expenditures are approximately 12% below budget. Under expenditures are primarily due to vacancies and one-time projects that have not begun.

-- Council Committee Meeting Agenda, 7/23/19

NOTE:  The monthly pattern of high revenues and tax collections and expenditures below budget continues to improve, long term.  These favorable financial outcomes will help us address the most significant priority needs in the city's budget:  Infrastructure and Safety.  In my opinion, there is no need for a Safety levy with these financial trends. - Bob Yoder

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