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Collegedale finance report shows revenues below expenditures at 58% of year; commission approves report
Summary
Finance staff reported the city is 58% of the way through the fiscal year with revenues at 45% and expenditures at 66%; commissioners approved the January finance report and asked staff to follow up on several line items including election charges and interest earnings.
Finance staff reported to the Collegedale City Commission that the city is 58% of the way through the fiscal year with revenues at 45% and expenditures at 66%. The commission voted to accept the January finance report.
Staff said the two largest revenue sources — property tax and local sales tax — are each a percentage point or two higher compared with the same time last year. Commissioners noted the administration department’s expenditures are elevated because several capital projects (parking lot work and library remodel architecture) are in-progress or finishing.
Commissioners asked for follow-up on several items: the election expenditure line (staff said timing of invoices explains the variation), confirmation of interest earnings from the city’s savings account (staff said they will book the interest and report the amount), and the police department’s training reimbursement from the state (staff said they would check and report back). Staff confirmed the $2.5 million shown as revenue from fund balance relates to capital projects included in the administration department.
On roll call the motion to approve the finance report passed unanimously.
