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City reports near-term FY25 revenues tracking close to budget; council asks for delinquency and contracts reports
Summary
City budget staff told the City Council that second-quarter FY25 general fund revenues are closely tracking the budget but flagged higher personal property tax delinquencies and some expenditure pressures; councilmembers requested delinquency and contract-spend reports and the council voted to recess and enter a closed session.
Lisa Cipriano, director of Budget and Evaluation, told the City Council on Feb. 25 that the FY 2025 general fund is tracking near the adopted budget but that several revenue and expenditure items warrant monitoring.
Cipriano said the general fund for FY25 is budgeted at about $624.2 million and that the second-quarter report (through Dec. 31, 2024) shows actual receipts close to those expectations. She said personal property tax delinquencies are tracking about $2.7 million higher than anticipated, machinery-and-tools receipts are lagging, and real-estate collections are slightly delayed. At the same time, Cipriano said sales and meals taxes were stronger than budgeted. “We are right at what we projected for revenues…
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