Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance topic
No spam. Unsubscribe anytime.
April finance update: sales‑tax growth slows, opioid settlement receipts expected, streets fund below prior year
Summary
Finance staff reported April results showing sales‑tax growth slowing to 2% year over year and running about 4% below budget, expected opioid settlement receipts of about $450,000 by the end of Q2, and the streets fund running 16% below prior year with a lower balance than preferred.
Kristen Garcia, finance staff, briefed the council on April financial results and key revenue trends. She said sales‑tax growth slowed to about 2% year over year (April reflects February consumer spending) and was running roughly 4% below the adopted budget; retail activity remains about 4% below prior levels.
Garcia said she and staff are monitoring trends and that a clearer view will emerge at the end of the second quarter. She also said the city is receiving opioid settlement funds and staff expect roughly $450,000 in accumulated settlement funds by the end of second quarter; council earlier discussed potential uses but had not taken action.
The streets fund is underperforming, she said, about 16% below last year and with a smaller fund balance than staff prefers (fund balance under $100,000), though she told council the shortfall is not currently impairing planned operations or projects. Garcia also said the city adopted a lien process for stormwater accounts with about 32 accounts targeted; some have paid or entered payment plans, and fewer than 30 liens are expected to be filed.
She closed with an operational note that the city hired an accounts payable specialist, Kayla Melton, who recently started and will handle council claims and vendor payments.
