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City finance director reports general fund shortfall and upcoming changes to monthly reports
Summary
Finance staff reported the August fiscal update showing the general fund revenues at 15.6% of budget versus 16.67% of the year, a $377,000 shortfall to date; staff said a redesigned report will be presented next month and highlighted TIF payoff timing and bond balloon payments.
City finance staff presented the monthly financial update for the fiscal period ending August and advised the City Council that year-to-date figures show the general fund’s revenues lagging the seasonal budget pace.
According to Finance staff (Miss Swift), at 16.67% of the fiscal year elapsed, general fund revenues are at 15.6% and expenditures at 16.16%, resulting in an identified year-to-date shortfall of about $377,000. Staff presented sales tax, use tax and sector breakdowns; retail trade remains the largest…
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