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Finance officer reports March revenues above projections; school building permit and asset sales noted
Summary
The city finance officer reported March financials showing higher-than-projected revenues in several categories driven by pool receipts, a trash increase, sale of a tractor and a school building permit; expenses were under budget in personnel areas because of vacancies.
Finance Officer Megan Welder presented the city financial statements for the month ended March and highlighted revenue and expense variances.
Welder reported charges for services exceeded projections by about $30,000, largely driven by pool-related receipts ($18,000) and trash ($6,000). Other general-fund revenue was higher by about $70,000, she said, due in part to the sale of a tractor on Purple Wave for $23,000, TIF administrative fee distributions that covered prior years (approximately $23,000), and a police department grant of about $24,000. In the water and sewer fund, increased revenue reflected the sale of assets.
Welder also noted license revenue was up roughly $120,000 because the city issued a building permit for a school construction project. On the expense side, the city was under budget in several departments by salary-related savings from vacant positions.
Welder said the interchange fund appeared over budget because the city used cash on hand to pay off a loan. The board had no questions recorded beyond the presentation and thanked Welder for the report.
The board did not take action on the financial report at the meeting; the presentation served as an informational update.
