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Preliminary year-to-date report shows lower-than-budget general-fund revenue for 2024; sewer revenue spike tied to one-time reimbursements
Summary
Council reviewed a preliminary year-to-date financial report showing 2024 revenues below budget and a sewer-revenue increase in 2023 tied to reimbursement and capital-project closeouts; staff said final December/closing numbers will be available for the March meeting.
Councilors reviewed a preliminary year-to-date financial report for 2024 and asked staff for clarification on several line items.
A councilor read the report from a mobile device and noted that budgeted revenue for 2024 had been higher than actual receipts reported to date. Finance staff cautioned that the December closing is not complete and described the report as preliminary; staff said final numbers for both 2023 and 2024 would be available for the March meeting.
Councilors also asked about a notable increase in sewer revenues in 2023. Finance staff explained that the 2023 spike was largely an accounting effect: the city recognized reimbursements and closing of a number of capital projects (including reimbursements tied to outside projects) that temporarily inflated sewer-related revenue and capital-reserve entries. Staff said the 2024 figures do not show the same one-time reimbursements.
No budget amendments or appropriations were adopted in the work session; staff said the final reports will be circulated when December closing is complete and that they expect to provide updated numbers at the March council meeting.
