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City finance report: May cash down after large payments; year‑to‑date revenues remain near budget
Summary
City Manager Luckett reviewed May financials showing total cash and investments of $50.5 million, a month‑over‑month decrease driven largely by a $7.2 million payment to Cherokee County for fire services and capital project reimbursements; year‑to‑date general fund revenues were about 95.5% of budget.
City Manager Luckett reviewed Canton’s May financial report July 17, reporting cash and investments of $50,500,000 and noting a roughly $11,000,000 decline from the prior month primarily tied to a $7,200,000 payment to Cherokee County for fire services and capital project payments.
Luckett said the city’s all‑funds revenue budget increased year over year but that May collections stood at about 95.5% of the general fund revenue budget. He noted fines and forfeitures (including red‑speed revenue) are trending below expectations and estimated a shortfall of roughly $750,000 for FY2025 compared with the original budget.
On the expenditure side Luckett said most departments are near or below the year‑to‑date proportion of 67% through May. For enterprise funds, the water and sewer fund reflected planned capital spending and year‑to‑date expenditures exceeding collections, which staff said is an anticipated draw on reserves under the capital program. Stormwater and sanitation funds also showed small year‑to‑date deficits; sanitation is expected to be covered by a planned transfer from the general fund and staff will continue to monitor and bring adjustments as needed.
Luckett closed by noting SPLOST 8 collections were running about 7.5% higher than the prior year at the same point and that hotel/motel taxes were trending about 13% higher year‑to‑date.
