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Finance director reports mixed revenue trends to finance committee
Summary
Finance Director Rob Jarrett briefed the committee on revenue trends: sales tax roughly flat year-over-year, modest growth in local-option sales tax, a recovery in hospitality tax from earlier declines, and close-to-budget projections for several revenue streams.
Rob Jarrett, the city’s finance director, presented the finance committee with a quarterly overview Feb. 20, 2025, reporting mixed performance across key revenue streams.
Jarrett said local sales tax is roughly flat year over year but showing early second-quarter growth of about 3 percent. The hospitality tax started the fiscal year down and had an initial 20 percent decline year over year but recovered to about an 8 percent reduction by December; Jarrett said continued pickup is needed to meet the budget assumptions. Local-option sales tax is up about 2.7 percent year over year and trending close to budget. State accommodations tax was reported up about 2.2 percent year over year in the available data.
Jarrett told the committee that roughly half of hospitality-tax revenue flows to the general fund and the other half to a debt-service fund; impacts to the general fund would therefore be limited relative to a shortfall. He described the city’s debt-service fund as solvent, saying existing revenues will cover obligations.
Jarrett said staff will continue forecasting and that small variances relative to budget are likely manageable if current trends hold. The presentation emphasized that the unusually high growth rates seen in prior years (double-digit gains) have normalized and that the city should plan conservatively. Committee members asked clarifying questions; Jarrett closed by noting areas for continued monitoring and that staff will supply follow-up details as available.
