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PCDC FY25 fourth-quarter report: sales tax near budget, capital spending lower than projected
Summary
A preliminary FY25 fourth-quarter report for the PCDC fund showed sales-tax receipts at 98% of budget (about $224,000 short), lower-than-expected capital spending and a preliminary net position above projection; staff said final figures will change after audit entries and any budget amendments.
Councilmember Ryan presented a preliminary fourth-quarter FY25 financial report for the PCDC fund, saying the fund's main revenue—sales tax—came in at about 98% of budget and that the shortfall was roughly $224,000.
"Sales tax, the main source of revenue for this fund, came in at 98% of budget," Councilmember Ryan said. "Pretty strong considering we knew we were running a little bit behind. It's 224,000 short of our budget." She cautioned the figures are preliminary while the city completes its audit and year-end entries.
Ryan walked the council through topline comparisons of budget, projected and preliminary actuals: revenues were presented just under projected levels; operating expenditures landed below projections; and capital outlay finished materially lower than forecast. The presentation showed a preliminary net position of a little over $18 million compared with a roughly $15 million projection.
Councilmember Rogers pressed on the sales-tax growth assumption. "What were we projecting as a growth number over last year?" he asked. Ryan said the budget assumed roughly 4% growth and that actuals were closer to 3.8–3.9%, slightly under the projection.
Members also queried a discrepancy between the packet figures and the slides. A council member pointed out the packet showed a positive net change while the presentation displayed a different figure. Ryan explained the packet and the presentation used different cutoffs and that certain year-end audit entries—including timing of capital outlay and the cash portion of a 52‑acre transaction—move on to the balance sheet when audit period-close entries are made.
On "other revenue," Ryan said a year-end entry will increase the current-year total (staff flagged the final number would be reflected after audit). She also reminded the council that PCDC uses accrual-based accounting and that "fund balance" language used for the general fund does not apply; any carryover of unspent PCDC items requires a formal budget amendment. "Nothing is automatically carried over," she said, adding staff will return in January with a proposed budget amendment if items need to be added to FY26.
Ryan said she would coordinate with Executive Director Jones to identify items that must be included in any future amendment.
No formal action or votes were taken on the presentation. Council members thanked Ryan for the update and moved to the next agenda item.
