City finance officials present four-month report, flag $61.1 million municipal income-tax shortfall

Donnie Johnson, acting deputy chief financial officer and budget director, and Valerie Agoli, acting treasurer and deputy CFO, presented the Office of the Chief Financial Officer's four-month financial report (through Oct. 31, 2025) to the City Council's Budget, Finance and Audit Committee and said the city's Annual Comprehensive Financial Report (ACFR) for the year ended June 30, 2025, has been completed and published.

Johnson said the Oct. 31 snapshot showed year-to-date revenues running "about $20,500,000 ahead" and, after accounting for expenses, a running general-fund surplus of approximately $20,400,000 at the four-month mark. He cautioned those figures are an early snapshot and that timing of remittances and invoice timing can create month-to-month variance.

Agoli, who walked the committee through revenue categories, said withholding collections are up about $7.5 million year over year while corporate collections were down roughly $4.7 million; net collections…