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Belmont finance director reports stronger revenue, sales tax up about $1 million
Summary
Finance director Jared Piles said fiscal‑year collections exceeded expectations in several categories: property tax collection rates held near 99.6%, sales tax receipts were roughly $6.29 million (about $1 million higher than the prior year), and water/sewer operations improved after rate changes.
Finance director Jared Piles presented the city’s fourth‑quarter financial report for fiscal year 2025, highlighting higher‑than‑expected revenues in several areas and improved operating results for utility funds.
Piles reported property‑tax collection rates of roughly 99.56% in 2024 versus 99.69% in 2025. Local option sales tax receipts year‑to‑date totaled about $6.29 million, an increase of roughly $1 million over the prior year, and sales tax was the principal driver of the general‑fund revenue outperformance. Water and sewer revenues improved relative to the prior year after the city implemented rate changes; Piles said the fund showed operating surplus in 2025 compared with a shortfall in 2024.
Piles also described one‑time and nonrecurring items (including ARPA transfers and fund‑balance appropriations) that affected year‑end balances and noted planned roll‑forwards to ensure capital and reserves. The council had no substantive questions beyond clarification of fund‑balance mechanics and directed staff to continue monitoring revenues and the ongoing rate study.
