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Fiscal officer reports FY25/26 first‑quarter revenues and timing impacts from state tax reconciliation
Summary
Cindy Vance reported revenues through Sept. 30, 2025 and explained timing effects from the state’s consolidated tax reconciliation; revenues for the first quarter were slightly above the historical average, and expenditures were tracking as expected. Capital projects and station completions were noted.
Cindy Vance, chief fiscal officer for Truckee Meadows, presented a nonaction financial update for the fiscal year 2025–26 as of Sept. 30, 2025.
Vance explained that revenue timing typically lags expenditures: consolidated tax and charges for services often post months after the underlying activity. For the first quarter she reported consolidated taxes at about 36.3% of the annual budget versus a historical first‑quarter average of 34.8%. Vance said the State’s IT reconciliation produced a small consolidated‑tax payment in September (about $840,000) but that October’s payment was larger and would normalize the timing effects; the state is taking roughly 45 days to reconcile consolidated taxes, she said.
On expenditures, Vance said salaries and wages were slightly above budget while employee benefits were slightly below, leaving overall spending near expected levels for the first quarter. She noted capital projects are progressing and that Station 37 is complete with a final inspection scheduled; Station 35 was “buttoned up for the winter” to allow interior work and a ribbon cutting for Station 37 was planned for Nov. 12 at 10 a.m.
Ending: The presentation was informational; commissioners did not take action and raised no substantive questions at the meeting.
