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City report: revenues above budget targets; utilities and meter replacement update
Summary
City finance staff reported third-quarter revenues exceeding budget projections in key areas, sales tax and industrial district receipts were strong, grants covered two garbage trucks, and the utilities department reported progress replacing aging meters.
City finance staff told the council on July 21 that general fund revenues through the third quarter are above budget expectations in several categories, and staff outlined expenditure items and operating trends for utilities.
Finance Director James (identified in the meeting) said property tax receipts are at about 94 percent of budget for the fiscal year to date and sales tax receipts are at 84 percent, above the 75 percent benchmark for the third quarter. James also noted a roughly $3.9 million industrial district payment received in June that is remitted twice a year (December and June).
The report showed grant receipts that included…
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