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Finance staff report $10.2M general-fund surplus through third quarter; sales tax and interest income up
Summary
City finance staff reported a $10.2 million general-fund surplus through the third quarter of fiscal year 2025, local sales tax up 6.3% year over year and higher interest income across funds; building permits and conference-center revenue were also highlighted in monthly reports. The committee heard the update but did not vote on any items.
City of Franklin finance staff delivered the third-quarter financial report for fiscal year 2025, reporting a $10.2 million general-fund surplus through the period and year-over-year local sales-tax receipts up 6.3%, and noting higher interest income across most funds due to improved investment returns; the committee heard the report but did not take formal action.
"The general fund currently shows a surplus of $10,200,000," staff member Margaret said while summarizing the March-to-date financials and caveating that the figure is subject to final year-end adjustments. Staff also reported local sales tax collections are 6.3% higher than the same period last year and that interest income in nearly all funds is higher because of stronger investment earnings.
In the monthly reports, building permits were reported 8.5% higher than FY24 through the comparable period, and the conference center showed a net gain of $380,007.94 for the year through April, including a $69,000 gain in April. Staff attributed the larger interest income and conference-center gains to improved market conditions and operational activity.
The committee did not vote on budget items at this meeting because a quorum was not present; staff indicated final numbers will be adjusted after year-end close and will be provided once available.
