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Finance director reports stronger-than-expected 2025 collections; fund balances improved
Summary
Finance staff reported fourth-quarter 2025 results showing property-tax and sales-tax receipts near or above budget, strong real-estate-excise tax receipts, and higher interest earnings; general fund ended roughly $1.6 million above the mid-year estimate, and remaining bond payments decline significantly in 2027.
City Finance Director Casey presented the fourth-quarter 2025 financial report and highlighted several budgetary outcomes and year-end results.
Key figures: Property tax collections reached roughly $3.3 million with about $25,000 outstanding; real-estate-excise taxes totaled nearly $1.2 million (about 159% of budget); unrestricted sales-tax collections exceeded budget (~111%); utility tax collections were around $3.6 million (118% of budget). Business & occupation taxes (new for the city) collected roughly $2.6 million in 2025, exceeding early estimates by about $600,000. Total operating revenues were approximately $22.4 million and operating expenditures (excluding transfers) were under budget overall.
Fund balances and capital: Casey reported $48.2 million in cash and investments across city accounts, with the general fund balance coming in at approximately $22.4 million (about $1.6 million higher than the estimate used for the 2026 budget). The city is down to two remaining bond payments (roughly $1.8 million) scheduled to be paid off in 2027. Casey noted some capital projects rolled into the next year and that interest earnings contributed meaningfully to the positive results.
Council reaction: Council members thanked staff for a thorough report, asked clarifying questions about line-item variances (parks maintenance, executive costs) and urged staff to return updated reserve balances and further details on public-safety reserves at upcoming briefings.
