Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Graham sees slight sales‑tax dip; city schedules budget workshop and approves quarterly financials
Summary
City staff presented quarterly investment and financial reports and warned of a modest sales‑tax decline; the city manager said staff will propose a lower sales‑tax projection for FY26 and scheduled a strategic budget workshop.
City staff presented the quarterly investment report and the financial statements for the period ending Dec. 31, 2024, and the council approved both during the Jan. 16 meeting.
Finance staff reported investment and cash increases driven by property‑tax receipts and newer water/sewer rates; total cash and investments increased over the quarter. The water fund continues to rely partly on reserves and is expected to recover revenues in the summer months. The sewer fund showed improved revenues after recent rate changes.
City staff also presented the sales‑tax report for taxes collected in November 2024. Sales‑tax receipts were down 1.4% from the prior year for that month, a dollar decline of roughly $3,400; staff said the trend this fiscal year has been downward and recommended the council consider a reduced sales‑tax revenue assumption when preparing the FY 2026 budget. The city manager said staff will present options for revenue adjustments and potential reductions during a strategic budget workshop; council agreed to schedule a separate budget workshop in February to review assumptions and possible new initiatives, including a prior DDD request.
Council approved the quarterly investment report and financial reports by motion. Staff said they will return with a proposed revised sales‑tax projection and budget options at the workshop.
