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Finance committee hears November collections trending toward budget; bank balances added to report
Summary
City staff reported November 30 collections for personal property, sales and meals taxes were trending toward budget and that staff consolidated bank balances into the finance report; expenditures are modestly ahead of last year largely for capital project timing.
Celeste, city staff, briefed the finance committee on the November financial report (as of Nov. 30). She reported that personal property, sales and meals taxes were trending toward budget and that collections through the Dec. 5 due date were tracking ahead of the prior year. Expenditures were slightly ahead compared with last year, driven in part by capital projects and timing differences in capital purchases and debt service. Celeste noted staff worked with the treasurer's office to add consolidated bank and investment balances to the report so elected officials see cash positions at a glance.
Committee members thanked staff for the additional reporting clarity. Celeste said she will return with an updated November-to-date reconciliation after year-end close.
