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Olivette monthly financial report: December revenue below expectations but fund balance remains within policy
Summary
City staff told the council Dec. 2024 revenue was about $300,000 below expectations but expenditures were also lower; audited fund balance stands near $2.8 million, and staff said sales tax appears stabilized. The council received the December monthly financial report and the Q4 2024 investment report; no action was required.
Olivette finance staff on Jan. 20 presented the city’s six-month fiscal review through December 2024, reporting overall revenue about $300,000 below expectations and expenditures roughly $75,000 below projections. Staff emphasized that the city’s audited fund balance now appears in reports and remains within the city’s reserve policy at about $2.8 million.
During the presentation, staff noted the sales-tax category had "stabilized" after earlier declines, and that transient timing differences from the county affected property-tax receipts (some collections are posted later by county processes). The pension fund transfer of about $325,000 to the pension trust fund for the year was reported as expected. The planning for an initial TIF PILOT collection was noted but staff said they had not yet received any payments.
In the quarterly investment report for 2024 Q4, staff described the city’s cash-position and ladders of short- and longer-term investments. Officials said short-term ladders are yielding tied to the federal funds rate and that the yield curve is currently flat out to five years; staff mentioned the city is considering a modest extension in maturities (e.g., up to two years or slightly beyond) while avoiding tying up too much cash.
Council members asked clarifying questions about timing and classifications; staff responded that many line-item variances are timing issues and that the city is currently monitoring trends as budget season approaches. No formal action was required; the reports were informational.
