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Conway monthly report: sales-tax receipts rise modestly year-over-year
Summary
City finance staff reported sales-tax receipts for consecutive months above last year’s levels, and the 2024 audit was in its final stages.
City finance staff told the Council that sales-tax receipts were up year-over-year for consecutive months and that the city’s 2024 audit was nearing completion.
Mister Wenningham reported that sales-tax receipts were up 6.7% in one month and then 7.2% the following month compared with the same months last year, and that the general fund is close to flat year-to-date. He said the city recorded initial revenue from the community center in July and noted a low balance in the advertising and promotion (A&P) account that would be reduced further by an upcoming bond payment.
Why it matters: Sales-tax receipts are a major general-fund revenue source and were discussed elsewhere in the meeting as a driver of the proposed ballot package. Staff said the audit for 2024 was in the latter stages and should be available within about 30 days.
Details: Wenningham said the city is slightly above flat year-to-date (about +0.2%); the sales-tax figure for the general fund was reported roughly at 57–58% of budget at this point in the fiscal year. He noted one A&P account balance of about $550,000 that will fall to about $300,000 after a scheduled bond payment.
Ending: Council approved the monthly financial report by unanimous vote and discussed an earlier timeline for beginning budget work in October.
