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Q1 finance briefing: city reports steady revenues, income‑tax uptick and healthy fund balance
Summary
Finance staff told council the general fund and special funds are tracking near expected first‑quarter levels, income tax receipts showed an 11% increase year‑over‑year and the city ended the quarter with roughly seven months of unreserved operating fund balance.
Finance staff presented the city’s first‑quarter 2025 financial report, covering the general fund, special revenue funds, capital improvement fund, income‑tax trends and investments.
Finance Director (Burry) reported general fund revenues and expenditures tracking near 25% of the annual budget, noting property tax timing affects first‑quarter figures and a delayed property‑tax posting will appear in April results. The director highlighted a one‑time increase in “other revenue” that included dividend shares from the Central Ohio Health Consortium and a real‑estate tax refund related to the 825 Tech Center property.
The city ended the quarter with an unreserved general fund balance of about $19.2 million, roughly seven months of operations, after reserving amounts for encumbrances and emergencies. Expenses were slightly lower than budgeted on a percentage basis but up year‑over‑year primarily because of capital outlays tied to 825 Tech Center construction and planned wage adjustments.
On special funds, staff said public safety and parks were tracking as expected; public service spending was below budget but increasing relative to a low‑spend quarter in 2024. The capital improvement fund showed ongoing carryover from 2024 projects, and staff noted no major grant inflows in the quarter.
Income tax collections were a notable point: staff reported an 11% increase versus the prior year and identified stronger withholding and net‑profit results in the first quarter; staff said they were watching whether those first‑quarter net‑profit numbers represent a sustainable trend.
Investments were almost fully invested in money markets, Star Ohio and government bonds; investment income is tracking in line with plan. The finance director cautioned that federal and state policy choices and the state biennium budget could affect the city’s future revenue and costs but said quarterly results show the city in a stable position.
Council asked follow‑up questions about department‑level spending and potential policy risks; staff said they will continue monitoring and bring additional detail in the second‑quarter report.
