Finance staff reports general fund revenues tracking above expectations; property tax nearly fully collected

Finance staff provided a year‑to‑date revenue update to the City Council, reporting that major general‑fund revenue sources are tracking at or above expectations and that audit‑related work to catch up prior years continues.

The presenter said property‑tax collections are essentially complete for the year and are at about 99% of expectations. On sales tax the presenter said the administration’s updated forecasting methodology showed stronger receipts and the city is at roughly 74% of its sales‑tax budget with 58% of the fiscal year elapsed; staff estimated year‑end sales tax receipts near $59,000,000.

Franchise tax receipts were described as harder to time precisely because some are received quarterly and some annually; staff said franchise taxes look on track for an approximate $12,000,000 total for the year. Finance staff reported total anticipated general‑fund revenues of $122,000,000 and that the city has realized about $97,000,000 (roughly 79%) to date.

On expenditures the presenter said general‑fund spending was at about 50% of budget and that the budget includes restored salary positions. Staff noted many expenditures tend to occur later in the year and that reported amounts include encumbrances.

Staff discussed audit progress, saying the department had hired one accountant and expects the FY2023 audit tasks to be substantially complete earlier than previously projected; staff said the FY2024 audit should proceed more quickly as prior‑year work is caught up.

Council members asked about timing for audit deliverables and several thanked finance staff for progress on processes and policy updates; no formal council action was taken during the briefing.