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Monroe finance report: sales tax down ~5%; opioid settlement receipts lower than budgeted
Summary
Finance staff reported sales tax of about $1.66 million through March, down roughly 5% year-over-year; development revenues are below budget and property-tax receipts are projected about $100,000 under budget. Staff said opioid settlement receipts are projecting under $200,000 and the adopted budget likely overestimated that revenue.
City finance staff presented the March financial report on May 12, reporting that year-to-date sales tax receipts through March totaled approximately $1.66 million and were down about 5% compared with the same period last year. Development-related revenues are tracking below budget and property-tax receipts are projected to be about $100,000 under budget for the biennium.
Julie Elson, who delivered the report, said general fund expenditures were below prior-year levels in several departments due to vacancies and cost-containment measures. She noted the opioid settlement revenue line is projecting “under 200K,” and council members discussed that the budgeted opioid funds figure is likely too high; staff said they have analyzed the timing and amount of receipts and are continuing to monitor revenues and expenditures before recommending any budget amendment.
Council Member Walker expressed concern because several human services programs rely on opioid-settlement funding. Staff said a budget amendment may be needed depending on revenue performance later in the fiscal year and invited council to add a budget-amendment discussion to the finance committee agenda next week.
The report covered early-year indicators only (data through March); staff said an April report may be presented at next week’s meeting.
