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Finance officer reports healthy reserves despite some liability overruns in nine-month FY25 update
Summary
Sharon Wiggins, the city's finance officer, told the committee the city's financial position is stronger than a year ago, with reserves and favorable health insurance trends; she noted a general liability (CGL) account roughly $100,000 over budget and that some revenues lag year-over-year due to billing timing.
Sharon Wiggins, the city's finance officer, presented the city's unaudited monthly financial report for the first nine months of fiscal year 2025 and the committee voted to accept the report.
Wiggins said the unobligated balance percentage after nine months should be 25 percent and that, "All departments are within 10% of this benchmark with the exception of the Department of Public Works." She reported the overall obligated percentage after nine months is 26.81 compared with 23.93 a year ago, saying, "So we are in a better position this year by a few percentage points."
Wiggins told the committee health insurance costs for 2025 were "tracking favorably through March" and said she expected a surplus for the budget by year-end. She reported 27 retirements in 2025, similar to 2024, and said the city has not yet used contingency funds and is carrying a contingency balance of $200,000. She also noted that revenues for the first nine months were $327,000 lower than a year ago and that state revenue timing made a year-to-year comparison look lower ("that state revenue...is coming in at 1,100,000.0 less than last year, but it's just a year to year comparison").
On liabilities, Wiggins said the CGL (commercial general liability) account was about $100,000 over budget through March and that she had called Kevin O'Neil to review the last quarter to estimate year-end exposure. Wiggins said the city has a healthy reserve in place to absorb potential increases.
Alderman Benson asked whether the timing of Department of Public Works billing explained lower school chargebacks; Wiggins replied that the difference appeared driven by timing and that school chargebacks were expected to be collected.
Alderman O'Neil moved to accept the unaudited nine-month report, Alderman Vincent seconded, and the committee approved the motion by voice vote. The transcript does not include a roll-call tally.
Wiggins' presentation emphasized reserve strength and favorable insurance trends while noting the CGL overrun and timing differences that affect year-to-year revenue comparisons.
