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Finance officer reports revenues down $1.1M; retirement payouts and contingency highlighted
Summary
Finance Officer Sharon Wickens told the committee the city's unaudited results for the first five months of FY25 show revenues about $1.1 million below last year, retirement payouts roughly $720,665, contingency at $200,000, and mixed department-level performance; the committee accepted the report.
Sharon Wickens, the city's finance officer, presented the unaudited financial report for the first five months of fiscal year 2025 and told the committee she did not see any glaring problems but noted several variances year over year.
"The average unobligated balance percentage after 5 months should be 58.33 as a benchmark," Wickens said, and she walked the committee through several line-item comparisons. She reported retirement payouts of "$720,665" in 2025 versus about "$709,000" in 2024 and said contingency remains flat at "$200,000." Revenues for the first five months were roughly "$1,100,000 lower than a year ago," with permits down "$297,000" and chargebacks about "$636,000 lower." She noted auto registrations were performing well, about "$386,000 higher than the same period a year ago."
Wickens told the committee the mayor set aside one-time funds into a CIP account in case department overruns occurred, and she said that while some departments (information systems, DPW, welfare) have exceeded portions of their budgets, the city is tracking against the budget overall. "I don't see anything glaring of a problem," she said.
An alderman moved to accept the unaudited financial report; the committee seconded the motion and voted in favor.
