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Loveland preliminary 2024 financials: sales-tax base change reduces city revenue by $10.4M; general fund tight
Summary
City finance staff reported Q4 pre-audit results showing a roughly $10.4 million reduction tied to sales-tax base changes (food-for-home deduction), a near-zero unassigned general fund balance and higher investment yields; council and members of the public urged clarity on contingency, the foundry garage subsidy and downtown impacts.
Chief Financial Officer Brian Waldes and Budget Manager Matthew Elliott presented the city’s pre-audit, fourth-quarter 2024 financial report to the Loveland City Council on Feb. 25.
Waldes told council that the city’s final, accrual-based sales-tax result reflected an estimated $10,400,000 shortfall tied to changes in the tax base (the food-for-home consumption deduction and related reporting). “When we just add up all the sales tax returns, what we get is the $10,400,000 number,” Waldes said. He added the accrual report landed about $4,400,000 above a conservative internal projection but roughly $8,700,000 below the originally adopted, business-as-usual 2024 budget.
The report highlighted several points that affect budget planning: a near-term cash-collections comparison for January 2025 showed a $1.4 million decline versus the prior-year cash month (Waldes noted that cash-timing…
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