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Finance director presents near‑final 2025 statements; building permits and room tax exceed forecasts
Summary
City finance staff told the Platteville Common Council that 2025 revenues exceeded budget by about $597,616 (6%), driven largely by higher building‑inspection permit receipts and stronger room tax collections; the net revenue over expenses was approximately $523,452. Staff will finalize audit items and bring condensed quarterly updates.
Finance staff presented the draft, near‑final 2025 financial statements and highlighted where actuals differed from the adopted budget.
Nicola summarized key figures: general fund revenues totaled about $10,870,000 versus a budget of $10,272,756, a favorable variance of $597,616 (roughly 6% over budget). After expenses, net revenues exceeded expenses by approximately $523,452. Nicola said the finance team will complete final audit adjustments and intends to provide shorter quarterly financial summaries going forward.
Two major sources accounted for much of the variance. First, building inspection permits were much higher than budgeted: staff reported collecting $387,564 in permit revenue (budget $50,000), a variance driven by repair work after a recent hail storm and other construction activity. Second, the local room tax returned about $231,898 against a budget of $189,400, roughly $42,498 over budget. Staff noted that portions of some permit‑ and sale‑related receipts will be allocated to special funds where required (for example, a $159,000 sale of 210 North Bonson Street is expected to net about $83,000 to the general fund after satisfying an estimated $73,000 CDBG revolving‑loan mortgage obligation).
Nicola advised council that while the revenue overage is positive, some rebuilding and storm‑repair expenses remain and may draw on fund balance. The finance department and auditors will present a high‑level auditor overview when the audit is complete.
What happens next: staff will finalize audit adjustments, circulate condensed quarterly financial summaries in future meetings, and present a final audited financial statement for formal acceptance when audits are complete.
