Cookeville council accepts midyear financial report showing general fund near 50% of budget

The Cookeville City Council voted 5-0 Thursday to accept the city’s midyear financial report covering July 1 through Dec. 31, 2024. Ms. Niswander, city finance staff, presented the report and highlighted revenue and expenditure trends across funds.

Why it matters: the midyear report provides an early view of revenue collections and spending against the fiscal year budget and signals timing or rollovers for capital projects.

Key figures presented by Ms. Niswander included: general fund revenues at about 49% of budget (with local taxes the largest stream), sales tax collections of $10,133,192 against a budgeted $20,077,700 (just over 50% of budget), and property tax collections described in the packet (Ms. Niswander noted timing and assessor changes affect comparisons). She said general fund operating expenditures were below 50% for each department and overall at 44% of budget.

For capital spending Ms. Niswander said a budgeted fire truck (about $2,200,000) will not be purchased this fiscal year and will be rolled to the next year. She reviewed other funds: the Sanitation Fund showed operating revenues at 53.05% and operating expenditures at 46.64% after a November rate increase; the General Obligation Debt Fund had principal payments due in June (Ms. Niswander noted $2,835,000 of principal due in June), and several capital projects in the General Improvement Bond Fund were beginning or about to start (Tenth Street, Stephen Street, fire stations, CPAC renovations).

Council had no substantive questions at the meeting and voted to accept the report.