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Finance director reports 2024 fiscal year ended with stronger-than-budgeted fund balances; sales tax decline noted
Summary
Finance Director Paula Painter told council the general fund ended 2024 with about $9.5 million growth in ending fund balance driven by revenues over budget (sales tax, B&O, interest) and expenditures under budget; staff cautioned some items (sales tax) are not expected to be recurring.
The council workshop on May 20 received the finance director’s review of fiscal year 2024, which showed a roughly $9.5 million increase in the general fund ending balance compared with expectations for the year.
Paula Painter, finance director, said general fund tax revenues finished only about 0.15% higher than 2023 but above the conservative budget; sales tax was about 4.5% lower than 2023 but finished $1.7 million above the conservative budget estimate.…
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