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Finance director reports steady revenues, PPRT shortfall; municipal golf sees revenue gains
Summary
Finance staff told council the city is tracking near budget for sales and food/beverage taxes but continues to see a state PPRT shortfall; the municipal golf operation posted higher rounds and revenue above budget year-to-date.
The city finance director presented the monthly finance report and highlighted that sales and food-and-beverage taxes are tracking close to budget but that the state’s Personal Property Replacement Tax (PPRT) remains about 36% below budgeted levels. The finance director said the city is monitoring three months of sales-tax receipts that will finalize the fiscal-year picture.
Finance staff said year-to-date general-fund projections had improved modestly since the previous month, with projected year-end reserves increasing by approximately $2 million in the current projection. The finance director noted some adjustments, including higher licensing receipts due to changes in billing practices and projected reductions in certain capital expenditures, noting figures remain subject to change ahead of year-end.
The finance report featured the municipal golf operation, which showed strong performance: approximately 2,400 more rounds year-to-date than the prior year, a 33% increase in online tee-time bookings after launching a new app and a 19% increase in season-pass sales. The golf fund’s year-to-date revenue exceeded budget and staff said that increased activity drives some higher operating costs but generally improves the fund’s financial position.
The finance director cautioned a federal grant for solar LED parking-lot conversion remains uncertain and may not materialize; staff will update council as additional revenue or capital changes are confirmed.
