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Workshop: General fund shows $4.7M revenue, $5.2M expenses through May; staff points to capital spending
Summary
City finance presenter said the general fund had $4.7M in revenue and $5.2M in expenses through May (about 41.4% of year complete), leaving roughly a $500,000 shortfall year-to-date; staff attributed much of the gap to capital purchases including a new trolley.
At the July 27 budget workshop Michael reported the city—s general-fund revenue through May was $4.7 million while expenditures totaled $5.2 million, representing about 41.37% of the year and a roughly $500,000 variance.
Michael told the council much of the difference is capital spending, including a $319,000 trolley purchase. "A lot of that is capital expenditures," he said. He walked members through transit figures and said that if the trolley capital was excluded the transit program—s variance would be much closer to last year—s level. Council asked for comparisons to prior-year figures, and Michael pointed them to the packet (page references provided) showing last year—s figures for the same point in the year.
