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City finance staff report April shortfall tied to timing of tax mailings; payroll withholding and franchise fees remain strong
Summary
Wes, a finance presenter, told the Budget Committee of the Whole on May 27 that the city’s monthly financial update for the fiscal year through April 30 shows mixed results: payroll withholding continues to grow relative to budget, franchise fees and golf revenues are above expectations, but several revenue lines underperformed in April because of processing and timing issues.
Wes, a finance presenter, told the Budget Committee of the Whole on May 27 that the city’s monthly financial update for the fiscal year through April 30 shows mixed results: payroll withholding continues to grow relative to budget, franchise fees and golf revenues are above expectations, but several revenue lines underperformed in April because of processing and timing issues.
"This is the monthly financial update for fiscal year '20 '20 '5, for the month ending April 30," Wes said, adding that April did not show the spike in revenue the budget assumed because net profit and other mail‑based revenues arrived late. He said roughly $6,000,000 in net profit payments that staff had expected in April were processed in…
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