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Finance director reports FY26 revenues beat expectations; fund balances rise to $17.5M
Summary
Finance staff told the council that FY26 sales tax collections were up 3% year‑over‑year and that total fund balances rose from $14.7M to $17.5M as of June 30, 2026; utility and revenue figures and a brief budget status were presented.
The city's finance director presented final fiscal‑year 2026 figures to the Salem City Council, reporting stronger‑than‑expected sales tax receipts and healthy fund balances.
Finance staff reported a 3% increase in sales tax revenue year over year. General Fund sales tax totaled $3,400,000; Parks and Recreation sales tax totaled $647,000; and Capital Improvement sales tax totaled $863,000. Overall, the city reported total fund balances rising from $14,700,000 at the start of the fiscal year to $17,500,000 as of June 30, 2026. Finance said revenues collected represent about 91% of budgeted revenues while expenditures were 84% of budgeted expenditures; staff noted final adjustments may be posted through the end of September but did not expect material changes.
Utility figures presented included roughly 50,000,000 kilowatt hours of electric usage generating $6,800,000 in sales revenue; purchase‑of‑power costs of $4,900,000 (up about 10% from the prior year, attributed to winter storm impacts); water billed at about 123,000,000 gallons with revenues around $1,200,000; and sewer billed at about 115,000,000 gallons with revenues near $1,600,000.
Council members asked no follow‑up questions during the presentation. Finance closed by saying the city remains in a strong financial position as the year closed.
