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Finance director reports April 2025 cash and transfers; income tax receipts exceed estimates
Summary
The finance director reported April 2025 results showing income‑tax receipts above estimates, multiple transfers to the general fund, and encumbrances tied to ongoing reimbursements and obligations.
The finance director presented April 2025 financial statements to the Finance and Personnel Committee on May 12, reporting higher‑than‑expected income‑tax receipts for the month and notable transfers to the general fund.
Key points: April income‑tax collections were about $1.38 million, exceeding the estimate and putting year‑to‑date collections ahead by roughly $551,000. The city transferred $2.2 million from the income‑tax fund to the general fund in April, bringing total transfers from income tax to general fund to about $6 million for the year.
The health‑insurance fund showed a monthly shortfall driven largely by a large encumbrance held for Summit County Health; staff said that encumbrance (a purchase order covering the year) will draw down through the year. Special revenue funds declined compared with last year in part because ARPA funds were being expended in the prior period; enterprise funds rose modestly following receipt of bond proceeds.
Finance staff told the committee that encumbrances outstanding increased and that some year‑to‑date transfers lagged prior‑year totals by roughly $350,000. The finance director said continued collections should support completing planned transfers for the year. Committee members voted to open the exceptions and received the report for the record.
