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Westfield reports small revenue dip, $600K road-impact gain and investment changes in June update
Summary
City finance staff told committee that year-to-date revenue is roughly 2% below last year, building permit fees are down about $98,000, the road impact fund is up about $600,000 and stormwater receipts increased about $300,000; a $2.5 million treasury matured and was reinvested at a lower yield.
At a City of Westfield committee meeting, finance staff reviewed June financials, reporting a modest year-to-date revenue decrease and several notable shifts across funds.
Finance staff reported that overall revenue for the year is "about 2% off the pace of last year," and identified the largest single negative variance as building permits, which were "down 98,000." The presenter also listed smaller declines in investment income (about $25,000), plan commission fees (about $7,000) and cigarette tax (about $5,000). The presenter said those amounts and timing differences accounted for the modest variance compared with last year.
On fund-level changes, staff noted a roughly $600,000 increase into the road impact fund and about $300,000 into the stormwater fund compared with the prior year. Committee members asked for a future breakdown of the road-impact receipts and staff agreed to provide that detail.
On investments, staff said a $2.5 million treasury matured (it had been yielding about 4.8%) and the proceeds were reinvested in a two-year treasury at about 3.76%. The presenter described the city's practice of laddering investments to balance yield and liquidity and said the city's ordinance currently constrains some investment choices and tends to favor two-year instruments. Staff reported about $140,000 in interest month-to-date and discussed year-to-date interest income (presentation noted approximately $1.3 million year-to-date as of the June update); staff said the interest income had not been budgeted and asked the committee whether to include expectations in future budget planning.
City administration also updated the committee on the 2026 budget timeline: directors are finalizing draft budgets and will submit them to administration for inclusion in the fiscal plan before the committee's budget meetings scheduled to begin next week. Staff noted they would provide the fiscal-plan update and that they would circulate more detailed breakdowns on request.
What's next: staff agreed to provide additional breakdowns (for example, the road impact fee components) and to consider whether to budget anticipated interest income. The meeting recorded no votes or formal actions on budget policy or investment strategy; both are matters for subsequent staff recommendation and committee review.
