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Olivette reports first-month FY25 shortfall; officials point to lost sales-tax payer and investment gains
Summary
City finance staff reported FY25 month 1 general fund revenues about $138,000 below expectations and expenditures about $100,000 above (net $239,000 unfavorable variance); staff attributed the sales-tax decline to the loss of a single large motor-vehicle sales payer and noted the city locked in short-term investments at about 5.36% and 5.12%.
Finance staff presented Olivette's first-month fiscal report for FY25 on Aug. 27, saying general fund revenues were roughly $138,000 below expectations and expenditures about $100,000 above expectations, producing a one-month unfavorable variance near $239,000.
The prese…
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