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Finance director: University Place second-quarter revenues beat estimates, expenditures under budget
Summary
Finance Director Leslie Glaisdell reported Q2 general government revenues 6.01% above budget and expenditures 20.41% below budget; notable items included sales tax +4.79%, utility tax +9.95% and investment interest +20.95%. Council members praised conservative forecasting and requested follow-ups on specific line items.
Finance Director Leslie Glaisdell presented the city’s second-quarter financial report, saying overall general government revenues were 6.01% above budget estimates while expenditures were 20.41% below estimates.
Glaisdell gave line-item detail: general sales tax revenues were 4.79% above estimates, parks sales tax 3.9% above, utility-tax receipts 9.95% above estimates, admissions tax 11.85% above and investment interest 20.95% above estimates. Real estate excise tax (REET) was 16% above the city’s estimate for the quarter, although she noted REET was still 26% below 2024 levels and last year’s totals included a one-time large apartment-sale payment.
On the expenditure side, Glaisdell said many variances are timing-related: the city manager’s office and community-events budget are underspent because large events occur later in the year; public-works pavement maintenance bills have not yet been received; police expenditures are 14.56% below budget as contract billings continue to be processed; development-services revenues are 21.72% below estimate and expenditures 16.34% below estimate pending project timing.
Council members praised the presentation. Councilmember Fleming and others contrasted University Place’s fiscal position with reports from other jurisdictions that are operating in deficits; Fleming thanked finance staff for conservative forecasting. Councilmember McCluskey noted some small recovered-insurance and penalty line items and encouraged continued collection efforts.
Glaisdell said staff will continue to monitor cyclical revenues (real estate excise tax, utilities, seasonal admissions) and will include needed adjustments in future budget amendments or forecasts.
