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Finance director says general fund collections outpacing budget through August; $26.3M in ARPA funds remain to allocate
Summary
The finance director reported the city's general fund revenues at 61.2% of budget through August, ahead of last year, and said about $26.3 million in ARPA funds remain obligated to projects with the performance period ending next year.
At the Finance, Debt and Budget Oversight Committee meeting, the finance director presented midyear finance results showing general fund revenues ahead of budget and provided an update on the city's ARPA and CIP accounts.
Director Campbell reported that through August, general fund revenues were 61.2 percent of budget compared with 57.3 percent at the same point last year. He attributed positive variances to stronger property-tax collections after a revaluation and to receipts from local government funds, EMS fees and basic life-support transports. He cautioned that some revenue categories, such as investment earnings and casino receipts, typically come later in the year and may still change comparisons.
On expenditures, the director said police overtime and health-care costs are areas the city continues to monitor; retro payments from recently completed bargaining agreements and special summer projects have driven some year-to-date pressures in safety-related budgets.
ARPA and CIP updates: - The ARPA report through August showed $26,300,000 remaining to spend within the performance period; all ARPA expenditures must be completed by the end of next year. The director said a referral with project updates will go to council and that an October quarterly report to the U.S. Treasury is due. - There were no changes to the CIP report since the prior month, the director said.
Audit timing: Committee members asked about the annual audit from the state of Ohio; the finance director said the state audit had not been released yet but noted last year's release was Oct. 1, suggesting a similar timeframe might apply.
Ending: The director said staff will continue monitoring revenue and expenditure trends and report further as year-end activity and audit results become available.
