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Finance director says city on track at midyear despite timing lags in some revenues
Summary
Finance Director Melissa Burns told the commission the city has received 40.8% of projected revenues and expended 22.6% of its budget at midyear; staff said lagging collections are timing issues and that revenues are expected to meet or exceed projections by year end.
Melissa Burns, the city’s finance director, told the commission during the Feb. special meeting that at midyear the city had received 40.8% of projected revenues and expended 22.6% of the total budget. "While revenues are currently below the 50% benchmark, several revenue sources primarily within the general fund are lagging by 1 to 2 months in collection timing," Burns said, adding staff expects revenues to meet or exceed budget projections by year end.
The presentation showed personnel…
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