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City financial update: revenues exceed budget, fund balance up amid storm-related expenses to come
Summary
Finance staff reported that year-to-date revenues of about $11.4 million exceed expenditures of about $10.3 million, an increase in fund balance of roughly $834,839 as of June 30; storm response and upcoming debt service payments were identified as near-term expenditures.
City finance staff presented a midyear financial report showing revenues above expenditures and a modest increase in fund balance, while noting several pending storm-related costs and scheduled debt payments.
A finance staff member reported total revenues of $11,400,000 and total expenditures of $10,356,000 as of June 30, producing an $834,839 increase in fund balance. "Overall total revenues are at 11,400,000 at this point. Above budget in total. And then expenditures, total expenditures are 10,300,000," the staff member said. Property taxes collected were listed at $4,600,000 and sales tax receipts at $2,700,000; staff said year-to-date sales taxes were up about 8.5 percent compared with the prior year.
The staff member cautioned that storm-related expenses from several severe-weather events (a windstorm in March, a tornado in April and hail in June) are still being tallied and that much of the repair cost has not yet been recorded in the financial statements. The general government line item was reported near 80 percent spent, with limited room for unplanned expenditures. "Some of that associated with the windstorm we had in March, and then the tornado we had in April, and, you know, the hailstorm that we had in June," the staff member said.
Staff also outlined fund-level details: the debt service fund held $76,675 in cash as of June 30 and the water and sewer utility fund had about $1,600,000 in cash (with a utility debt service payment of a little over $455,000 due Aug. 15). The CIP enterprise funds hold restricted cash of roughly $11,000,000, largely from recent bond proceeds to be spent on infrastructure projects, including replacement of a pump station on Fourth Street. The transcript records no council action on the report.
