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Committee hears January financial update: revenues close to budget, timing issues cited
Summary
The Budget, Finance and Economic Development Committee heard a monthly financial update on January 2025 showing overall revenues running close to budget, while staff warned that timing and encumbrances were driving short-term variances.
The Budget, Finance and Economic Development Committee heard a monthly financial update on January 2025 showing overall revenues running close to budget, while staff warned that timing and encumbrances were driving short-term variances.
Director Holbrook said the city’s revenues were about 1% positive through the first seven months of fiscal 2025 and that personnel spending was within roughly 2.5% of budget. “We don't collect the same amount of revenue every single month. Our revenues have been very close this year, with a positive variance right now of 1%,” Holbrook said.
The update matters because the city’s largest and second-largest revenue streams come…
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