Treasurer reports general fund dip tied to large insurance payment; overview of tax receipts

Treasurer Acanzo told the Lincoln City Council on Feb. 17 that the city’s general fund balance is down compared with a year ago, largely because the city paid a liability insurance premium in January that exceeded $300,000.

On revenue, the treasurer pointed to modest year-over-year increases in several taxes: combined municipal sales and use tax receipts of about $3,418,000 compared with $3,263,659 the previous year; income tax receipts of approximately $2,287,000 versus $2,136,000 a year earlier; and non-home-rule sales tax at $887,000 compared with $864,279 a year earlier. The treasurer noted motor-fuel receipts rose primarily because the tax rate increased, not because more gallons were sold.

The treasurer also presented the city’s annual cash-basis report for the fiscal year ending April 30, 2024. He described the annual report as a snapshot distinct from the audit (which is prepared on an accrual basis) and said some funds carry revenue from year to year—for example, the general obligation bond fund received roughly $499,000 in January 2023 that is spent over a three-year cycle.

Council members asked timing questions about the budget season. The treasurer said revenue projections are refined through March and April and that the budget process will start in March; he said a budget committee consisting of Alderman McClellan, Alderman Sanders and the treasurer will meet to develop proposals.

The treasurer invited questions; there were none that changed the reported figures. He said the city will continue refining revenue and expenditure estimates as the fiscal year closes.