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Monthly financial update: revenues near budget, reserves at ~18% and tax receipts mixed
Summary
Finance staff reported general fund revenues 1.3% above budget through January and an unreserved fund balance of about 18.1% (roughly $850,000 per 1%); sales and use tax receipts showed modest increases and staff noted county plans to phase clawbacks over multiple years.
Finance staff presented the monthly financial statements through January and highlighted revenue and reserve trends for the committee.
"Total general fund revenues were trending 1.3% above budget and about 4.6 higher than the last fiscal year," Melissa said, describing year-to-date comparisons. She reported the city's unreserved general fund balance at about 18.1% and said each one percentage point of reserve is roughly $850,000.
On revenues, the committee heard that sales tax receipts for February were up about 3.9% for the month, and combined sales and use tax receipts were up 4.2% month-over-month and 2.8% year-over-year. Use tax receipts were reported as notably stronger year-to-date (up about 10.7%), which staff said partially reflects timing differences in when internet and large retail transactions are remitted.
Staff also noted the city is watching property tax-related changes at the county level: the county indicated a plan to phase certain revenue clawbacks over three years, which could affect next fiscal year's receipts and reserves. The committee asked staff to continue monitoring revenue risks and bring follow-up detail to future meetings.
In other items staff highlighted that Airbnb will begin remitting transient-guest taxes directly to the tax authority rather than leaving that option to property owners, which may affect transient-tax reporting and timing going forward.
Committee members thanked staff for the update and proceeded to other agenda items.
