Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
McGregor receives February financial report showing revenue gains and cash reductions compared with prior year
Summary
City staff presented financials as of Feb. 28, 2025: revenues increased in several funds compared with the prior year, while overall cash in the bank fell by about $6 million, reflecting timing and reserves.
City staff presented the McGregor financial report for the period ending Feb. 28, 2025, showing mixed results across funds and year-over-year timing differences.
Staff said the fiscal year is 41.67% complete through February. The general fund’s net cash flow was reported $84,000 lower than the previous year; revenues were reported up $297,800 and expenditures up $381,800 compared with the same period last year. Staff attributed the revenue increase mainly to an increase in budgeted ad valorem taxes of $260,600 and to the timing of franchise fee receipts.
The utility fund’s net cash flow was reported $33,800 higher than the previous year; revenues were reported up $41,300 and expenditures up $7,500. Staff noted the revenue increase related to a normal increase in water use and said higher personnel costs contributed to expenditures.
The exchange events center fund’s net cash flows were reported up $14,600 year over year, with revenues up $5,400 and expenses down $9,200 due to timing. The Municipal Airport fund’s net cash flows were reported up $10,600, with revenues up $9,500 and expenses down $1,100.
Staff reported net cash in the bank was approximately $6,000,000 less than the same period last year, which staff said met expectations. Operating accounts were reported up $620,200; pooled cash was down $5,000,000; grants were down $874,200; and debt service was up $80,500.
Staff also reviewed sales-tax trends: the trend line remained upward overall but February showed a decrease compared with the prior year; March collections were higher than the prior year and April collections were lower, which staff said may reflect timing fluctuations. Staff said it was seeking additional details from the state comptroller to refine projections for the next budget season.
Council did not request additional votes on the financial report during the meeting; staff offered to provide follow-up answers by email or at a later time.
