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Rock Island sees near-benchmark revenues in second-quarter financials; staff forecasts modest 2024 surplus
Summary
City staff reported second-quarter results showing general fund revenue at 49% of benchmark and expenditures at 42%, ARPA spending at roughly 41% of its budgeted amount, and a forecast of about a $1 million surplus for 2024; council asked few questions and moved on to an ARPA update.
City staff presented the second-quarter financial report, saying the general fund had received 49% of its budgeted revenues and spent 42% of appropriations for the period.
Jessica, who delivered the report, told Mayor Tomes and council members that special revenue funds and enterprise funds showed mixed results: library fund revenues were at about 32% with expenditures at 34%, TIF districts combined reported 34% revenue and 17% expenditures, and stormwater revenue was slightly below the 50% benchmark at 44%. She said the city received a combined total of just over $678,000 in investment interest during the quarter.
Jessica said ARPA expenditures had been budgeted at $16,200,000 for 2024 and that actual ARPA expenditures through the second quarter totaled $7,900,000, or roughly 41% of that budget. She also said staff was forecasting "just over $1,000,000 surplus for 2024."
The presentation noted specific revenue variances: income tax receipts were at 58.9% of budgeted expectations while local option sales tax trailed at 39.8%. Water, wastewater and solid waste enterprise funds reported revenues above the 50% benchmark, and expenses across the four enterprise funds remained below the benchmark.
Council members did not press extensively on the numbers; Jessica offered to follow up on any items the body wanted to revisit. The meeting proceeded to a detailed ARPA funding update from staff.
The city did not take any formal action on the financial report during the meeting.
