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March financials steady as audit wraps up, staff say
Summary
Finance staff reported March revenues steady with sales tax up ~6% and use tax down ~6%; the audit is wrapping up, draft reports will be distributed within weeks and the final audit is due to the state auditor by the 30th.
Michelle, a finance staff member, reviewed the March revenues and expenditures and flagged several trends the committee will watch during budget season. “Sales tax seems to be...6% more than the same time last year, but...use tax is 6% below this same time last year,” she said, noting Department of Revenue reporting lags of roughly 90 days that could affect near-term comparisons.
Michelle said occupational license receipts were down about 9% in March but are expected to accelerate during business-license season and meet budget projections by April. For budget planning staff proposed continuing to assume a modest 1% revenue increase for the coming budget cycle while monitoring trends through June and July.
On the audit timeline, Michelle said auditors have sent adjusting journal entries and staff expect to distribute draft audit reports in roughly two weeks. She told the committee the drafts will arrive before the June Ways and Means meeting and the next Board of Aldermen meeting, and that final reports are due to the state auditor by the 30th based on the city’s 12/31 fiscal year end. Michelle said she did not anticipate material weaknesses in the audit.
Next steps: staff will circulate draft audit reports when available, continue monitoring tax and license receipts for budget forecasting, and return to the committee with any substantive audit findings or revised revenue projections.
