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Committee hears steady revolving-loan activity, finance report shows small revenue shifts
Summary
City committee accepted updates on the revolving loan fund and received the unaudited monthly financial report showing mixed revenue changes after seven months of fiscal 2025.
Chair Vaterio opened the Committee on Accounts, Enrollment and Revenue Administration and asked the clerk to call the roll before the committee took up finance items.
Kim, a city staffer who presented the revolving loan update, told the committee, “There's really nothing to report on with the revolving loans at this time. Things are coming in slowly as normal.” The committee moved to accept that update without further action.
The committee also received the city's unaudited monthly financial report for the first seven months of fiscal 2025. Sharon, a finance staff member, said the average unobligated-balance benchmark after seven months is 41.67 percent and reported that all departments were within 10 percent of that benchmark except Public Works. The overall unobligated percentage was 40.99, up from 37.66 a year earlier.
Sharon said claims for the city’s health-insurance program were higher through January and into February and noted that the budgeted level for health insurance this fiscal year is higher than last year, so the city is currently performing favorably “against budget” despite the spike in claims. She also reported that retirement figures had not materially changed and that contingency funds still showed $40,000.
On revenues, Sharon said total revenues for the first seven months were about $1.3 million lower than the same period a year ago, with permit revenue down about $208,000 and interest income down about $178,000; however, she said interest income is now projected to perform well against budget. State revenues were down $2.2 million, which the finance staff had anticipated and budgeted for in fiscal 2025. Auto registration revenue was reported as $836,000 higher than the prior year, partially offsetting other declines.
Committee members asked questions about future years and the risk of state or federal funding reductions. Sharon said those risks are a concern for future budgets but that, for this year, “what we get in meals and rooms, for instance, which is a large revenue source, that shouldn't change much.”
The committee accepted the finance presentations and had no further action beyond asking staff to flag any concerning items for the chair before future meetings.
