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City reports strong midyear general-fund performance; revenues ahead of 2024 through June
Summary
Finance Director Dave Godek reported the city’s general fund showed revenues about $2.2 million higher year-to-date than 2024 through June and expected modest year-end excess dependent on state-aid timing and interest income; permit revenue dipped but remained above budget.
Finance Director Dave Godek delivered the city’s midyear financial review July 26, reporting general-fund results through June 30 and answering council questions about revenue sources and potential supplemental appropriations.
Key highlights from the midyear update: - Revenues: Year-to-date general-fund revenues through June were about $48 million, approximately $2.2 million higher than the same period in 2024 and representing about 80% of the budgeted amount. Godek noted state aids typically arrive in August and late in the year and will affect full-year totals. - Investment income: Investment income tracked well above budget due to higher interest rates and higher cash-on-hand tied to WSEC (WSCC) and ARPA receipts; staff cautioned interest rates could change later in the year. - Expenditures: Year-to-date expenditures were about $33.7 million (roughly 47% of budgeted operating expenditures at midyear), generally below straight-line expectations. Debt service showed higher percent expended due to timing of the February payment. - Permits and user fees: Permit revenue was down about $170,000 compared with the same period in 2024 (attributable to a lumpy pattern from large projects in 2024), but permit revenue remained above the budgeted target overall. - Outlook: Staff projected revenues could exceed expenditures by roughly $200,000–$300,000 for the year, but cautioned that final results depend on state-aid receipts and interest-rate developments. The administration said it did not yet anticipate a fund draw for 2025 and could return funds to the fund balance or request appropriations into capital accounts if desired.
Council Q&A: Council members asked about specific items including the prior capacity and current capacity at Palmer Pool (recreation director Shelly Sleipak replied that current max capacity is 329 and season-pass holders queue with general admission), and about timing and composition of investment income. Godek and other staff answered technical questions on debt service timing and ongoing spending related to ARPA and other grant funds.
What’s next: Staff will continue monthly and quarterly reporting, monitor state-aid receipts and interest rates, and bring any needed supplemental appropriation requests to council if circumstances change.
Provenance: transcript excerpts of Godek’s midyear presentation and council questions are included in the provenance section below.
