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Provo finance staff report $2.2 million sales-tax shortfall; officials say management steps prevented a fund-balance hit
Summary
City finance staff told the Provo City Council the unaudited Q4 FY2024 report showed about $2.2 million less in sales-tax revenue than budgeted and roughly 4.5% below expectations; staff said payroll savings, tighter carryovers and other measures offset the gap and auditors begin field work this week.
John Borgott presented Provo’s unaudited fourth-quarter fiscal report for the 2024 fiscal year and said the city’s sales-tax receipts were weaker than budgeted, leaving an approximate $2.2 million shortfall.
“These numbers are not audited, but they should be pretty close to what you'll see in a couple of months,” Borgott told the council as he walked through revenues and expenditures and a five-year comparison meant to show trends. He said the shortfall was driven primarily by sales tax…
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