During a recent government meeting, Finance Director Christine Farino presented the June financial report, highlighting a robust fiscal performance for the city. The general fund revenues reached 108% of the budget, totaling $25.3 million year-to-date, while expenditures were at 92% of the budget, amounting to $21.7 million. The sewer fund revenues significantly exceeded expectations at 187% of the budget, totaling $4.1 million, with expenses at 90% of the budget. The hospitality accommodations fund also performed well, with revenues at 142% of the budget and expenses at 101%.

Farino expressed gratitude towards the city’s administration and department heads for their effective management, noting that the overall fund balance is in a strong position. This report marks the end of the fiscal year, and the positive financial results indicate a healthy economic outlook for the city.

City Administrator Gracely followed with updates on various projects, particularly the downtown revitalization and streetscape initiative, which is facing cost escalations. Despite a significant funding shortfall, the state has allocated an additional $1 million in earmark funding for the FY 25 budget, and Gracely is pursuing a $1.5 million application to further support the project.

Gracely also announced the completion of the gymnasium renovation, now named Academy Hall, which came in under budget, resulting in a $30,000 refund. The installation of new playground equipment at City Park is underway, and a pump track is scheduled for installation soon, with plans for a public dedication event later this month.

Concerns were raised regarding the funding for the downtown project, which has seen its estimated costs rise from $12-14 million to approximately $30 million, with half of that involving state roads. Gracely reassured council members that the project is primarily funded through hospitality and accommodations tax revenue bonds, which are expected to increase as the city attracts more visitors and new businesses.

The meeting concluded with discussions on business license revenues, indicating a significant increase compared to previous years, reflecting a growing local economy. The council remains committed to managing the budget effectively while pursuing necessary projects without raising taxes.