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Financial review committee recommends quarterly report after staff cites strong FY22 revenues, ARPA aid and proposed pension set-aside
Summary
The committee received the city’s quarterly financial report, was told FY22 outperformed budget driven by TOT, sales tax and ARPA funds, and voted to recommend the report to City Council; staff proposed adding reserves and exploring Section 115 trust contributions.
The Financial Review Committee on Sept. 13 received the quarterly financial report for the year ending June 30, 2022, and voted to recommend the document to the City Council.
Finance staff told the committee that the city finished FY22 with revenues about $6,000,000 above budget and expenditures about $3,200,000 below budget, driven by record transient-occupancy tax and strong sales-tax receipts. Staff also reported the city received the second half of its ARPA allocation, telling the committee that the city ‘‘received total 8,000,000, and for fiscal year 22, we received the last half, so 4,000,000,’’ which contributed to the surplus, according to the staff presentation.
Staff said the city’s unassigned fund…
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