Capital Improvement Board reports $7 million net for August; tax and operating revenues above budget for year

Finance staff told the board that August 2025 closed with net revenues of $7,000,000, approximately $9,000,000 better than budget for the month.

Tax revenues for the month totaled just over $14,000,000 (about $1.5 million more than budgeted). For the fiscal year to date, tax revenues are about $12,000,000, or 12%, over budget. Operating revenues for August were roughly $6,000,000, about $2,000,000 (46%) over the monthly budget; year-to-date operating revenues were approximately $9,000,000 (26%) over budget.

Finance noted that roughly half of the positive monthly variance came from capital outlays coming in under budget; the remainder was spread across favorable variances in several revenue and expense lines. Key expense and capital details reported for August included:

- Personal services under budget by about $200,000 (largely from lower part-time/temporary labor costs). - Capital outlays of approximately $1,600,000 for the month, about $4,700,000 under budget. - Major capital work charged in the month: Virginia Avenue garage concrete repairs (just under $900,000), audio-visual and security projects in the convention center and Lucas Oil Stadium (about $287,000), and roof replacement work (about $239,000).

Finance staff described reserve levels as intentionally conservative and said the board and staff continuously monitor the budget. Board members noted the 2026 budget passed recently by City-County Council and that CIB budgets are first approved by the board and then by the council. Staff said those budget approvals and conservative planning reduce the need for midyear appropriation requests to the council.

No board action was taken on the finance report; it was presented for information and questions.