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Mayor: Lebanon City ended 2024 with $891,498 surplus; February 2025 on track
Summary
At the council's March 24 meeting Mayor Sherry L. Capello reported the city closed 2024 with a $891,498 surplus and said February 2025 revenues and expenditures were tracking near budgeted proportions; March will show real estate tax receipts.
Mayor Sherry L. Capello told the Lebanon City Council on March 24 that the city ended the 2024 fiscal year with a surplus of $891,498.
Capello said that as of Feb. 28, 2025, with 16.67% of the 2025 budget year completed, "revenues were almost at 16%. Expenditures not quite at 15." She noted that real estate tax receipts typically arrive in March and that the March report will more clearly show the seasonal increase in revenues.
Chairman Martin and council members asked no substantive questions beyond routine follow-up; the mayor characterized the city's fiscal position as "in a good place." The mayor and council said the 2024 final report remains subject to the city's regular audit process.
The council did not take formal action on the report at the meeting; the report was provided for information and will be included in the council packet and audit files.
