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Finance committee reviews March year-to-date revenues, expenses and bank balances; minutes approved
Summary
Finance staff reported a delayed but higher-than-expected property tax receipt, flagged several expense variances, and provided balances for city accounts. The committee approved the minutes and temporarily recessed to view a new police cruiser.
Miss Stefan, finance staff, presented the year-to-date revenue report through March and highlighted a late county payment of property tax that arrived April 2 and will appear in next month’s report.
"We typically receive that from the county in March, but we didn't get that until, April 2," Miss Stefan told the committee. She said the payment came in higher than budgeted and that next month's packet will reflect the additional revenue.
Staff noted individual income tax receipts were lower through March versus the prior year for reasons staff attributed to timing; Miss Stefan said April numbers would likely show a recovery. On expenses, she pointed to a roughly 40% variance in cruiser repairs for the police department and said once reimbursements are appropriated that variance should improve.
Miss Stefan also reviewed fund balances and bank holdings: about $11,700,700 in Fifth Third securities, $7,000,000 in Star Ohio and roughly $2,300,000 in First Commonwealth. She noted Star Ohio was yielding about 4.5%–4.7% at the time of the report.
On administrative items, Miss Stefan said she is setting up the new budgeting software and expected to present modules and data to the committee in the coming months.
Votes at a glance
- Approval of minutes: Motion by Mayor St. John; second by Mister Goss. Roll call vote recorded five "yes" votes and the minutes passed.
- Recess to view cruiser: Committee approved a motion to recess and view a recently delivered police cruiser; roll call recorded five "yes" votes and the committee recessed to inspect the vehicle.
No ordinance or appropriation vote was taken at the committee meeting; staff said a formal appropriation ordinance will be prepared for a future council meeting.
