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Finance Committee hears May financials; staff reports FY25 revenue shortfall and sales-tax offset
Summary
Committee staff reported through May that general fund receipts are tracking below budgeted expectations and discussed offsets from sales tax increases and timing for grant and property-tax receipts that affect fund balances and FY26 planning.
At the Finance Committee meeting, a staff presenter identified as Julie (staff member) gave a brief monthly financial report through May 31 and said the county is nearly halfway through the fiscal year and preparing FY26 budget projections.
Julie said the county is "through the PPRT through July" for purposes of projection and that one additional PPRT entry for August will help budget forecasts for FY26. She reported that, based on receipts so far, the general fund is expected to realize about 66% of what was budgeted for FY25, a shortfall she characterized as a decrease of roughly $1,900,000 from expectations. Julie also said the county is seeing a mix of revenue changes: use tax is declining while sales taxes are increasing, which she said so far produces a favorable offset of about $545,000.
She told members two funds were below required fund-balance levels: one is a grant fund that staff expects to receive funding in June, and the other is a property-tax–funded account that will receive revenues when property tax receipts are collected. "If you have any questions, I'm happy to answer," Julie said.
Committee members asked no further substantive questions on the financial report during the meeting. Julie referred committee members to additional detail in the Institute for Municipal Finance (IML) July magazine on state shared revenues and said staff will provide a deeper dive after month six.
The report was informational only; no formal action or vote on the financial projections was recorded in the transcript.
