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Graham financial report: general fund deficit in October and near‑10% drop in September sales tax receipts
Summary
City staff reported a general fund deficit of about $741,000 for October (seasonal timing) and said September sales tax collections were down nearly 10% year over year; staff plans budget adjustment recommendations for January 2025 if the decline persists.
City staff presented the financial reports for the period ending Oct. 30, 2024, and the sales tax report for collections in September 2024.
The general fund showed a deficit of just over $741,000 for the month, a seasonal pattern attributed to cash reserves being spent down before property tax revenues are booked later in the year; staff said October included three payroll cycles, which skews monthly figures. Despite the monthly deficit, staff reported the general fund cash balance remained just over $2.1 million.
On sales tax, staff reported collections for September 2024 declined by almost 10% compared with September 2023, a sharper fall than many nearby cities and noticeably below statewide trends. Staff said they will prepare a budget adjustment strategy to present at the council’s first meeting in January 2025 and will meet with department heads in the interim to identify possible savings or consider using reserves to cover shortfalls; staff estimated a need to identify about $150,000 in savings if the trend continues.
Council voted to approve the financials by voice vote (motion by Brent; second by Shanna). Staff did not present a final budget adjustment at the meeting but signaled follow‑up work in November–January.
