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Finance staff presents June year‑end preliminary results and first‑quarter FY25 report; audit still in progress
Summary
Finance staff presented preliminary June year‑end figures and a first‑quarter FY25 update, noting revenues slightly over budget in several areas, $3.035 million under expenditures due largely to staffing vacancies, timing issues with intergovernmental receipts and that the audit is ongoing.
Finance staff presented preliminary June year‑end financials and a first‑quarter FY25 update at the Oct. 21 Finance Committee meeting, noting the city’s audit is still in process and numbers remain draft.
Highlights included general fund revenues modestly above budget (about $284,000) driven by excise and supplemental taxes, and licenses and permits ahead of expectations. Fines were up—driven in part by a vacant‑building registry that was not in the FY25 budget—contributing to an increase in fines and land‑use revenue.
Charges for services (ambulance, bus fares) and transfers from proprietary funds were near projections, and several departments are within an expected 10% variance of budget. Staff said overall expenditures were slightly under budget (about $3.035 million) primarily because of vacancies and insurance savings; staff cautioned entries from the ongoing audit could change final figures.
A councilor noted an apparent gap between total revenues and expenses; staff explained the school department is included in the tax numbers (revenue) but its expenses are not reflected in the city-only expenditure totals, accounting for the apparent difference.
Staff said they had added temporary help to catch up posting and that timing of transfers and pension/bond payments will affect quarter‑to‑quarter comparisons. With no further questions, the committee adjourned.
