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Finance update: Madison reports $12.47M general cash on hand; December sales tax down 11.99% but annual sales tax up 4.57%
Summary
City finance staff reported December sales tax receipts declined 11.99% compared with December 2023, while year-over-year sales tax was up 4.57%. Staff cautioned that sales tax figures have been volatile and that year-end accounting adjustments are pending.
City finance staff briefed the commission on year-end financials and sales tax data. As of the report, the city showed general cash on hand of $12,470,000, investments of $5,880,000, checking of $6,180,000, money market $156,000, other $253,000 and restricted cash $624,000. Staff said these figures are preliminary and will be adjusted as year-end invoices are processed; the cutoff date for 2024 invoices was Jan. 15.
Staff reported December sales tax receipts were down 11.99% compared with December 2023, while total sales tax for the year was up 4.57%. Finance staff noted 2023 was an unusually strong year (about 10% growth over 2022), which makes some year-over-year comparisons volatile. Staff explained that month-to-month swings can reflect audits, corrections, or one-time settlements by local businesses; they advised caution when interpreting year-over-year movements in 2025 due to volatility in 2024 receipts.
Staff said the city will make adjusting entries through the end of the month and provide final figures at the next meeting. An item about the second-cent sales tax and other fund variances will be investigated further and returned with additional detail.
