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Finance staff reports steady revenues, GASB updates and utility billing changes; city to pursue collections vendor for delinquent taxes
Summary
Finance staff reported July revenue trends (sales, lodging and meals taxes), outlined recent and upcoming GASB accounting standards, described transition to monthly utility billing and a new online payments portal, and said staff will recommend hiring a tax collection vendor to pursue delinquent accounts.
Tamela Damron, city finance staff, presented the city’s monthly financial and operations update Aug. 14, telling council the city’s key revenue streams are tracking close to budget and staff expect to complete the annual comprehensive financial report in December.
Damron said sales tax activity is delayed by two months and, based on preliminary trends, she expects June activity to land near 99% of budget. She said room (lodging) tax revenue is up about 3% from last year—roughly $113,000—and currently at 102% of budget, while meals tax is up about 4.6% (about…
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