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City finance director reports FY25 second‑quarter revenues on track; expenses below budget
Summary
Clinton’s finance director told the council that property‑tax receipts and sales‑tax collections are tracking similarly to last year: about $3 million received of a projected $4 million in property tax to date, sales tax is flat year‑over‑year through two quarters, and expenses ran about 7% below budget through December.
Aaron Price, Clinton’s finance director, presented the second‑quarter financial update for fiscal year 2025 at the Feb. 11 council meeting, highlighting property‑tax receipts, sales‑tax trends and budget‑to‑actual performance.
Price told the council that the city had received about $3,000,000 of a projected $4,000,000 in property taxes as of the report and that a larger payment typically arrives in March. "We've gotten about 3,000,000 of a projected 4,000,000," Price said.
On sales tax, Price said a two‑month reporting lag affects quarter‑to‑quarter comparisons but that collections appear to be tracking roughly in line with last year and have been "flat so far through the first 2 quarters of the year." On revenues overall, the city was at about 48% of projected revenue as of December (a typical point to see seasonal timing differences), and he said general fund expenses were about 7% below budget at that time.
Implications: Price told the council the city’s revenue and expense performance through mid‑year suggests no major concerns but noted the seasonality of receipts. Council members asked about franchise receipts from utility companies; Price said franchise payments from Dominion Energy historically arrive in tranches and should be expected in the coming months.
Follow‑up: staff will provide regular monthly and quarterly financial statements to the council as usual and will monitor sales tax and franchise receipts as the fiscal year progresses.
