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City’s fourth-quarter 2024 financial report: revenues exceeded budget; sales, utility and B&O taxes show mixed trends
Summary
The city closed 2024 with general-fund revenues about $5.7 million (5%) above budget and expenditures about $15.8 million (14%) under budget. Staff flagged a possible slowdown in retail sales tax in early 2025, strong B&O discovery collections in 2024 and an investment yield shift as interest rates fell from mid-4% to the low-3% range.
Director Thomas presented Auburn’s fourth-quarter 2024 financial report to the City Council study session on April 28, summarizing general-fund revenue and expenditure performance and highlighting reserve and non‑general-fund balances.
Key figures: the general fund ended 2024 roughly $5.7 million (about 5 percent) above budget in revenues and about $15.8 million (14 percent) under budget in expenditures compared with the original 2024 adopted budget. Director Thomas said transfers in were lower than budgeted by about $9.4 million due to timing of capital projects, which also produced offsetting lower expenditures.
Tax revenue drivers: property tax collections met budgeted expectations. Retail sales tax — 29 percent of general-fund tax revenue — finished slightly under…
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