Finance director briefs audit committee on first-quarter finances; water tank, interest income and sales tax highlighted

Jamie Jones, North Ogden finance director, presented the city—s first-quarter financial results (July through September) to the audit committee on Jan. 9.

Jones said the general fund is below the 25% benchmark for the first quarter because property-tax receipts arrive later in the year; she noted the Aquatic Center posts heavier expenses early in the fiscal year because of its season. "We are under in the general fund. A lot of that will change with the second quarter because we get most of the general fund dollars, which is property taxes, in December," Jones said.

The presentation covered enterprise fund performance. Jones said the water fund reported 29% of expected revenues for the quarter, with expenses at about 35% driven by the completion of the new water tank. She said the tank was funded primarily with ARPA money and city reserves. "We had the ARPA money ... that paid for a significant portion, but the rest was the balance of our reserves," Jones said.

Jones and committee members also discussed investment earnings. The committee reviewed interest income from two sources: a local investment vehicle (meter investments) that yielded roughly $129,615 for a calendar-year period Jones cited, and the State Public Treasurer—s Investment Fund (PTIF), which returned about $1,228,192 in the same period. Committee members noted the need to review investment strategy and adviser performance to ensure yield objectives are met.

Sales tax collections were running above projections for the period covered; Jones updated the committee that October receipts left the city about 6% over the projected budget for sales tax, undercutting concerns about a downturn.

Operational notes in the quarter included staffing shortfalls in police (the department averaged roughly three-quarters of one officer position unfilled during the year, which influenced salary variances), and capital-projects commitments of about $4.697 million still outstanding at fiscal year-end, largely related to the public safety building. Jones said warranty walks on the safety building have begun and disclosed only minor items (for example, two doors needing adjustment).

Committee members asked staff to monitor overtime in animal control and other departments with first-quarter outliers and to continue checking investment performance with the financial adviser. Jones said the finance department will have a fuller picture in the second quarter once property-tax revenue posts and audit close work is fully complete.

The presentation closed with committee appreciation for staff work assembling the quarterly packet and the audit, and a note that the committee scheduled its next meeting for April 10, 2025.