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Belmont finance report: tax collections ahead of expectations, fund balances improving
Summary
Finance staff reported year-to-date revenues ahead of budget, with property and sales tax collections trending above projections through March 31, 2026; water/sewer and stormwater revenues also tracking to plan and most expenditures within expected ranges, though timing variances exist for city attorney billing and sanitation encumbrances.
The Belmont City Council received its quarterly finance update through March 31, 2026, on May 18 and heard that revenues are trending ahead of earlier expectations.
Jared reported tax collections up about 9% over full-year anticipation and noted that local option sales tax distributions in March strengthened year-to-date totals (the March distribution added roughly $497,000 to the year-to-date count). Water and sewer charges for services and stormwater fees were coming in near projections.
On expenditures, Jared said most lines are tracking as expected; a few timing variances (city attorney billing, fully encumbered sanitation contract) produced notable line-item differences but not systemic overspending. Council discussed prior budget decisions to assume revenue overages in order to fund operating priorities and confirmed those choices remain reasonable in light of current collections.
"We're doing a much better job of capturing that in this upcoming budget," Jared said, referring to adjustments to revenue assumptions for the next fiscal year.
No formal fiscal action was taken; finance staff will continue monitoring collections and report at regular intervals, and council may incorporate updated revenues into the June budget adoption process.
