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Red Bank finance staff says general fund revenues tracking as expected three months into fiscal year
Summary
City finance staff told commissioners the general fund revenue is at 8% through August and expenditures are at about 17%, both consistent with expectations for the start of the fiscal year; property-tax and sanitation revenues have not yet been posted.
Miss Pickle, a city staff member, told the Board of Commissioners of the City of Red Bank during a work session that the city’s financial picture “is a financial update through August year, so it's just almost 3 months into the year.” She said the general fund revenue is currently at 8% and that this “is what is expected,” adding that the figure appears low only when compared with the calendar share of the year. She explained that major revenue sources, including property taxes and sanitation fees, “haven't built” in the accounting system yet and “those will pick up speed” next month.
Miss Pickle reported that expenditures overall are about 17%, “which is just a smidge over” the expected pacing and said there were no unbudgeted, large repairs yet recorded; when those budget amendment entries are posted they will change the percentage. She also noted other funds are “doing pretty well,” citing the drug fund as an example: “it's actually way up. It's 38% on its revenues and only 4% of the expenditures.”
The update included no formal budget amendments or votes; commissioners asked no substantive follow-up questions during the work session. The report will be part of the regular meeting consent agenda for any formal acceptance or future action.
Commissioners were told the finance office will continue to update the commission as budget amendments or large expenditures are posted.
