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October finance report: revenues up about 4 percentage points year-over-year, one-time receipts boost October totals
Summary
Collegedale reported it has received roughly 21% of projected revenues through October — about 4 percentage points higher than last year — with nearly $200,000 in miscellaneous receipts tied to Barnsley repairs, Shelby damaged books, and a Norfolk Southern cleanup; expenditures were at about 44% of budget.
City finance staff presented the October finance report and said Collegedale has received approximately 21% of its projected revenues — roughly 4 percentage points higher than the same point last year.
"We're a third of the way through the year and have received approximately 21% of our projected revenues. This is 4% higher than this time last year," said Michelle, finance staff. Staff attributed the month’s revenue outlier to miscellaneous receipts totaling nearly $200,000, including payments related to Barnsley repairs, Shelby for damaged books, and Norfolk Southern for cleanup tied to a 2022 crash.
Expenditures were reported at about 44% of budget. Staff also noted no bank transfers occurred during the month and that invoices have been sent to partner cities for coalition and SRO reimbursements, with collections expected to appear on the November report.
The commission voted to accept the finance report on a roll-call vote. Commissioners also asked staff to prepare an internal policy addressing comptroller-report follow-up and discussed adding written restrictions (including prohibiting alcohol purchases) to a forthcoming policy on allowable expenses.
Next steps: staff will bring back the comptroller-policy language next month and report November collections in the next finance report.
