Owensboro finance staff report FY2025 surplus in several revenue streams; commission hears first reading of carryover budget amendment

City finance staff presented the city’s year-end financial results and a routine carryover budget amendment for 2025–26.

Angela Wanning, the presenter named in the meeting packet, said June revenues were $4,477,777 vs. a budgeted $4,544,015 (a $66,238 shortfall for the month) but fiscal-year-to-date revenues were $77,129,364 vs. a budgeted $74,299,816 (a positive variance of $2,829,547). Wanning attributed the year-to-date overage to stronger net profit payments and higher insurance premium/license fees. She noted the city’s top six revenue streams total about $64.8 million, roughly 84% of general fund revenues.

Wanning provided specific figures: occupational withholding approximately $24,100,000 (down $544,121 from budget), OEMU dividend $8,300,000 (on budget), insurance premium license fees $8,900,000 (about $1,000,000 over budget), net profits $6,700,000 (about $1,700,000 over budget), and interest income of $2,600,000 (about $800,000 over budget). Wanning said these results reflect a mix of timing, transfers, and some conservative budgeting assumptions at the start of the year.

The commission heard a first reading of Ordinance 11-2025, an annual budget amendment to rebudget carryover appropriations, revise beginning fund balances and reflect outstanding encumbrances and capital projects; no vote is required at first reading. During questions, Mayor Pro Tem Bob Glenn asked why insurance premium/license fees increased; Wanning said individual premiums rose because replacement and building costs increased and national-scale disaster losses affected insurer pricing.

After the presentation, a motion to file the financial report for audit was made, seconded and approved by the commission.

Ordinance 11-2025 will return for subsequent readings and any administrative follow-up will be handled by finance staff.