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Treasury reports revenues ahead of schedule; finance staff explain fund-balance shortfall and recovery timeline
Summary
Treasury told the committee on Sept. 18 that year-to-date revenues were ahead of budgeted pacing, while finance staff explained the ACFR shows the municipality has not yet met its bond-rating "10 and 2" fund-balance targets because FEMA reimbursements and other transfers remain incomplete in the 2023 ACFR.
The municipality’s treasury reported Sept. 18 that 2025 year-to-date revenues were ahead of the expected pace in several categories, while finance staff said the city’s audited comprehensive financial report for 2023 still shows no spendable fund balance against the adopted “10 and 2” policy because of timing and accounting of reimbursements.
Treasury overview: Glenn Cipriano presented a revenue summary as of Sept. 12 showing year-to-date realized revenues of about $458,700,000 against a budgeted $597,200,000—roughly 76.8% realized—above the typical seasonal expectation. Property tax collections were nearly complete at 99.7%. The report noted declines in some quarterly streams such as…
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