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Finance advances budget amendment and reports stronger February sales-tax receipts; new finance director introduced
Summary
Finance presented budget amendment number 10 to reallocate existing department funds, reported a 5.9% year-over-year rise in local sales tax for February and an 11.3% drop in occupancy tax, noted a CD maturing March 15 with reinvestment options to be recommended Tuesday, and introduced Natalia Burton as the incoming finance director.
Finance Director Kevin Owens outlined budget amendment number 10 and other financial updates at the March 5 work session, asking the board to move budget and investment decisions to the regular meeting for formal action.
Budget amendment #10 includes several internal reallocations: a $3,100 donation shifted into police supplies, moving funds to cover fire phone expenses, reallocating an overage from the William D. Jones grant into paving, and departmental adjustments for sanitation and parks (no new net funding requested). Owens said staff will include all changes in a formal amendment to be considered at the Tuesday meeting.
Owens reported that a city-held certificate of deposit matures March 15 and staff have solicited local banks; a recommendation on reinvestment options will be presented Tuesday. He also summarized recent revenue activity: local sales tax receipts for February were about $399,902.4 (reported as an increase of 5.9% year-over-year) and state-shared sales tax for Fayetteville rose about 3.8%; occupancy tax for February was down roughly 11.3%.
Owens introduced Natalia Burton as the selected finance director, saying she starts Saturday after a competitive hiring process.
Why it matters: The amendment and investment decisions will affect near-term allocation of funds and cash-management strategy; sales-tax trends influence revenue projections for the FY26-27 budget process.
