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Elyria general fund drops $1.24 million in January; finance director estimates $1.3 million more in property taxes
Summary
Finance Director Plosky reported a $1,240,483 decline in the general-fund cash balance for January and estimated about $1.3 million in additional property-tax revenue that will be allocated across several city funds.
The Elyria general fund’s cash balance fell $1,240,483 in January, Finance Director Plosky told council at the Feb. 3 meeting, in part because January contained three paydays. Plosky also said that positions previously funded through ARPA are now funded from the general fund.
"The cash balance in the general fund dropped $1,240,483 in January," Plosky said, adding that expenditures exceeded revenues by the same amount in the general fund.
Why it matters: A large month-to-month decline in the general-fund cash balance can affect short-term liquidity and the timing of payments for city services. The reallocation of personnel costs from ARPA to the general fund also increases recurring expenditures.
Property-tax and marijuana tax updates
Plosky estimated roughly $1,300,000 in additional property-tax revenue is expected, and said that amount will be split among the general fund, the general bond retirement fund, the police pension fund and the fire pension fund, "not evenly but some goes in each of those funds." He cautioned that the $1.3 million is an estimate.
On marijuana tax revenue, Plosky said the city should not expect receipts until June or July and that she had not yet received a figure: "No, from what I understand we won't receive anything until June or July. I still have not heard how much." The transcript does not specify the eventual amount.
What the record shows and does not show
- The $1,240,483 figure is Plosky’s statement for January general-fund cash balance change; the transcript does not include the underlying line-item accounting.
- The $1.3 million property-tax figure is an estimate and the transcript records that it will be distributed among multiple city funds; exact allocations were not specified in the meeting record.
Next steps
Council members asked follow-up questions about timing and asked the director to share additional detail as it becomes available. Finance staff are scheduled to appear at upcoming committee meetings to discuss budget and appropriations.
