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Finance director reports FY25 second-quarter results: revenues, expenditures and investments; county tax timing and bond receipts noted
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Summary
Finance Director Donovan presented the city's FY25 second-quarter financial report (to Dec. 31, 2024), noting all-funds budgeted revenue and expenditures, general-fund performance to date, investment yields and liquidity; he said county property-tax distributions remain delayed and that the city is managing cash to support Prop W payments
The city's Finance Director Donovan presented the fiscal year 2025 second-quarter budget update to the Webster Groves City Council on Feb. 4, reviewing revenues, expenditures, general-fund performance, and the city's liquid investments as of Dec. 31, 2024.
Donovan reported all-funds budget figures and year-to-date results: the adopted all-funds revenue budget was roughly $45.4 million and the adopted all-funds expenditure budget roughly $43.6 million; year-to-date actuals as of Dec. 31 were approximately $13.0 million. In the General Fund, year-to-date revenues were about $9.8 million against a $22.5 million budget (roughly 43.6% of budget) and expenditures about $9.4 million, leaving the fund with a modest positive variance year to date.
Tax timing and cash management: Donovan reminded council that sales-tax distribution timing means some receipts are credited with a lag (county distributions are two months in arrears, state distributions one month in arrears), and he said the county had not completed December collections and did not expect to finish distributing them until Feb. 15, a timing issue the finance office is tracking. For Prop W cash flows, Donovan and Deputy City Manager Davis said bond proceeds were received (Davis previously reported $17 million deposited) and that the city used cash held on hand to continue payments pending bond-close receipts.
Investments and yields: the city held approximately $27.7 million in cash and about $13.7 million invested in various instruments at an average weighted yield in the mid-4% range for invested funds. Donovan said the city has been keeping liquid cash available to support Prop W project payments and will redeploy funds to take advantage of current higher short-term yields where prudent.
Expenditure drivers and overtime: Donovan said personnel services remain the largest General Fund expense and that overtime patterns (notably in police and fire for events) are under regular review; materials and supplies purchases will rise in the spring with routine seasonal activity, and some grant-funded overtime is reimbursed through grant funds.
Ending: Donovan said quarterly statements and the investment report will be posted online and that staff will continue to monitor revenue timing and investments while funding Prop W and other capital projects.
