CFO reports revenues outperforming budget; FY2027 bond-resolution to appear in June

At the May 27 meeting the City of Davenport’s CFO, Bossha Gerlock, reviewed the finance update through April 30 and explained the city’s annual bond-sale process.

Gerlock said the city received a second large property-tax installment in April and that year-to-date major revenues were outperforming budget by about $13.5 million (an 11.3% variance). She said the city still expects to receive about $6.3 million in property taxes by fiscal-year end. Local-option sales tax, road-use tax and hotel/motel tax are also outperforming conservative projections.

Gerlock walked the council through the bond timeline: public hearings and resolutions begin in June (allowing spending when the fiscal year begins July 1), document preparation occurs in December–January, rating-agency meetings are in March (S&P and Moody’s), and competitive sales typically happen in April with closing in May. She said the council will see an ordinance and public hearing on FY2027 bond issuance next week.

On fund performance, Gerlock reported general-fund collections at about 96.6% against a 10-month benchmark of 83%, enterprise funds largely positive (the sewer fund has an approximately $7.8 million gain), and the water-pollution-control fund projected to break even by year-end. River Center and River’s Edge funds underperformed and city staff are pursuing new revenue strategies for those operations.

Gerlock cautioned staff will monitor softened revenue lines (development fees, building permits and franchise TV/cable receipts) but said the stronger major revenue streams alleviate immediate concern.

No formal action was taken; the presentation set expectations for next fiscal-year budget and bond-related items to come before the council.