In the recent government meeting, officials reviewed the financial report for October, marking the first month of the fiscal year. The city reported revenues of $862,609, while expenditures reached $1,968,307. This resulted in a deficit of $1,105,698, with revenues at only 30.3% of the budget and expenditures at 7.4%.

A detailed breakdown of October revenues showed that property tax contributed $209,410. Other sources included permits and fees at $24,389, fines and forfeitures at $58,864, and charges for services at $81,515. Notably, sales tax totaled $383,180, which is 40.4% lower than the previous year due to an unusually high sales tax amount recorded in October of last year.

Expenditures for October were categorized into several areas. Infrastructure and asset maintenance accounted for $323,366, while community development spent $90,546. Administration costs were $58,837, and non-departmental expenses totaled $121,639. Public safety was the largest expenditure, costing $1,138,402.

In the debt service fund, revenues were solely from property tax, totaling $14,469, with no expenditures reported for the month. The next debt service payment is due on February 1, 2025.

The Economic Development Corporation reported revenues of $213,854 and expenditures of $29,369, resulting in a surplus of $184,485. Meanwhile, the capital projects fund had revenues of $7,124, all from interest earnings, but expenditures exceeded revenues by $77,187, primarily for Cedar Creek and Timberline Drainage projects.

The city has significant investments, totaling $30,296,594, while the Economic Development Corporation has $6,115,708 invested. City staff recommended that the council accept the finance report for the period ending October 31, 2020.