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Temple projects $3.1 million revenue favorability in second-quarter forecast; sales tax and personnel variances highlighted
Summary
Finance staff presented second-quarter FY2025 financial results showing revenues above budget, a favorable $9.6 million variance in general fund forecasts, and department-level personnel lags driving expenditure underspend.
Finance staff presented the city’s second-quarter financial results through March 31, 2025, and forecast a favorable general-fund variance driven by revenues slightly above budget and expenditures below budget.
Tracy, staff member (finance), told the council the fiscal-year-to-date picture at the end of March showed general fund revenues at roughly 60% of the amended budget, and she explained the timing effects of property tax and sales-tax receipts. “We we are actually showing a slight decrease to our hotel motel receipts,” Tracy said, while also noting the city’s broader sales-tax receipts were running ahead of the conservative budget forecast.
Tracy described the forecast as projecting revenues of about $135 million and expenditures of about $132 million, with a resulting positive variance of roughly $9.6 million when compared to the amended budget. She said sales tax and other revenues were the primary drivers and that personnel lags — positions budgeted but not yet filled — accounted for roughly $2.7 million of the expenditure underspend, concentrated in parks and recreation, streets, fleet services, finance, IT and planning.
On capital and investments, Tracy reported the city’s investment portfolio stood at roughly $378.2 million, diversified across government pools, certificates of deposit and cash; she noted portfolio earnings had fallen from last year’s levels and compared the city’s rolling three-month T-bill benchmark to its portfolio performance.
Council members asked about the hotel/motel fund projection for an iconic event scheduled in September and about the length of time for rebuilding after last year’s tornado repairs; Tracy and other staff clarified that some receipts and expenses are tied to events later in the fiscal year and that FEMA and insurance processes have slowed some city infrastructure repairs. No council action was taken; the report was presented for review.
