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Finance staff: third-quarter update shows roughly $6.3 million surplus; major revenue lines beating projections
Summary
City finance staff reported through Sept. 30 the general fund and several enterprise funds are ahead of target, with a year-to-date surplus of about $6.3 million and strong sales-tax and transfer-tax receipts. Trustees praised staff and asked for the report to be circulated.
Finance staff delivered a third-quarter financial update to the Board of Trustees on the city’s key operating funds, saying revenues and restrained spending have produced a year-to-date surplus.
The presentation, given by Andrea (staff member), covered the general fund, water and sewer, parking, TIF and capital funds through Sept. 30. Andrea said the general fund budget is about $28.3 million in revenue and just under $29 million in expenses; excluding a planned interfund transfer to capital for the public works facility, the operating position is positive. She reported actual year-to-date revenues of about $24.6 million and spending of about $18.3 million, leaving a surplus of…
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