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CFO: preliminary 2024 report shows $10.4M sales-tax base impact; general fund "stable but snug"
Summary
Chief Financial Officer Brian Waldis presented the city's preliminary (pre-audit) 2024 financials, noting a $10.4 million impact from sales-tax base changes (food-for-home deductions) and a preliminary unassigned fund balance shortfall of about $575,000; staff described the general fund as stable but with limited margin for new spending.
Brian Waldis, Loveland's chief financial officer, presented the city's pre-audit Q4 2024 financial report at the Feb. 25 study session and highlighted a large, specific downward adjustment to the general-fund revenue base.
Waldis told council that changes in reporting for food-for-home consumption on sales-tax returns and other base adjustments produced an aggregate impact of about $10,400,000 for 2024. "When we just add up all the sales tax returns, what we get is the $10,400,000 number," he said, and cautioned that accrual-vs-cash timing can affect monthly perceptions.
On accrual basis (the basis used for audited city financial…
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