Council Notes: 4th Quarter Finance Report

Video of 4/8/2022 Council Business Meeting:

Interim Finance Director's 4th Quarter Finance Report, minute 19.35

Council comments:  CM Vanessa Kritzer and CM Melissa Stuart minute 29.26

OMBUDS REPORT:  minute 32.

The key financial highlights from January 1, 2021 through December 31, 2022 include the following:

General Fund 

· Total revenues totaling $250 million are 26.8%, or $52.8 million, above target. 

· Property tax is 0.4%, or $186,000, above target. 

· Sales & use taxes are 75.7%, or $97.3 million, above target primarily due to the high level of development activity. This includes retail sales tax, criminal justice sales tax, and use tax. 

Ongoing retail sales tax is 27.3%, or $13.0 million, above target. One-time retail sales tax, which primarily relates to construction, is $34.7 million through December 31, 2022. 

· Utility & other taxes are 10.3%, or $2.2 million, above target primarily due to an electric and gas utility tax spike. 

· License & permit fees are 38.2%, or $8.4 million, above target primarily due to the high level of development activity. 

· Total expenditures are 2.5%, or $6.1 million. In year 2022, the personnel cost is over the target due COLA at 5%, overtime cost increase for Fire due to vacancies because of vaccination mandate, retirement payouts, rate increases after unions contract negotiations. 

Other Funds · Recreation Activity Fund: Total revenues are 51.1%, or $1.1 million, above target primarily due to increase in both indoor and outdoor recreation programs, field rentals, and donations. · Water/Wastewater M&O Fund: Total revenues are 5.0%, or $3.8 million, more than total expenditures. Commercial water consumption is 2.9% below target. 

· Capital Investment Program: Total expenditures are 71.3% of budget at the 100% point of the 2021-2022 biennium.

-- Source:  Business Meeting memo of 4/18/2022