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Belmont reports stronger-than-expected sales tax receipts; Q3 finances tracking to plan
Summary
City finance staff told council general fund revenues are about 13% above budget for the fiscal year to date, driven by higher sales-tax collections, and said most departmental expenditures and fund balances are in line; a $780,000 recreation-center principal payment is due in the fourth quarter.
A city staff member presented Belmont’s third-quarter financial report (through March 31, 2025), saying general fund tax revenue is roughly 13% higher than anticipated and that local option sales tax continues to outperform budget. The finance presentation showed a March sales distribution of $460,000 and total collections of more than $4.5 million year to date.
Staff said intergovernmental revenue and utility charges are tracking as expected, non‑recurring revenue includes a general-fund repayment related to the 2022 paving loan, and the water/sewer fund’s projects and debt service are on schedule. The presenter noted several fourth-quarter debt payments, including a $780,000 principal payment on the recreation center debt.
On expenditures, most departments are on pace with the fiscal year; some timing differences reflect scheduled payments or planned fourth-quarter expenses. Staff said comparisons to the prior fiscal year show similar expense patterns and that the city remains in a stable fiscal position although sales-tax receipts can be volatile month to month.
Council acknowledged the report and had no substantive changes; staff said they would continue to monitor revenue and expenditure trends and to advise council of any material variances.
