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Fife reports modest revenue gains and carryover spending; lodging and real‑estate receipts down
Summary
City finance director said fourth‑quarter 2024 revenues exceeded budget on net, while several categories — building permits, lodging tax, real‑estate excise tax and utility taxes — declined; staff will bring a first‑quarter budget amendment next week to carry forward unspent items.
Fife’s finance director presented the city’s fourth‑quarter 2024 financial review on March 18, reporting overall revenue slightly above budget and expenses below 100% of the plan, while key revenue lines showed mixed performance.
Director Chris Anderson said several revenue categories rose by more than 5% year over year: non‑parking traffic fines rose about 50% (just over $10,000) after a road‑patrol emphasis, and the aquatics fund increased nearly $300,000 in operating revenue even as pool operating expenses rose about $360,000 due largely to a roof project and HVAC work.
At the same time, several revenue sources fell more than 5%: utility tax collections were down (driven in part by a 2023 payment that covered 2022 activity), building‑related permits dropped by roughly $300,000, lodging taxes were down about $50,000 and real‑estate excise tax receipts declined by roughly $71,000. Anderson said the city’s real‑estate excise receipts were well below a budgeted $500,000.
Anderson said the general fund received 108.5% of its budgeted revenues for 2024 and expenses were about 83% of budget, roughly in line with 2023 totals. He noted some 2024 carryover items will be included in a first‑quarter budget amendment to be presented next week.
The presentation also summarized cash and investment positions: all funds net cash was just over $93,000,000 at year end; the Local Government Investment Pool (LGIP) held about $62.5 million earning roughly 4.6% (down from 5.4% in 2023); about $11 million is in a US Bank account whose variable rate of 0.25% fell off at year‑end; KeyBank cash totaled about $22 million; and the general fund year‑to‑date balance was around $26.1 million.
Councilmembers asked staff to confirm the lower number of school‑zone citations (450 fewer for the year) with the vendor and to compare camera uptime to school days. Anderson agreed to verify technical or timing explanations for citation changes. He also said staff will bring a first‑quarter budget amendment next week to handle carryforward spending.
No formal council action was taken at the presentation.
