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City finance presenter reports healthy fund balance, sales tax ahead of budget
Summary
A city financial presentation showed a projected fund balance of roughly $67.1 million through March 31, 2026, higher-than-budgeted sales-tax collections and corrected capital-project numbers; staff provided follow-up pages to reconcile posted figures.
O'Lough, presenting the second quarter financial report for the fiscal year ending March 31, 2026, told council the city's financial condition is healthy and there is no need to activate contingency plans. He said beginning fund balance on Sept. 30, 2025 was $62.1 million and the projected balance at March 31 is about $67.1 million.
"The total sales tax revenue collected is over $3,200,000 This figure is ahead of the budget at 55.9% collected," O'Lough said, and he notified council of a correction to capital-project numbers that were posted online; a revised page 14 was provided in the meeting packet. Council members asked about permit fluctuations, municipal court staffing reductions and an increase in solid-waste disposal costs; staff explained permit variations were driven by prior-storm roof work and court staffing changed due to a retirement and part-time hiring.
Council and staff also discussed higher interest income tied to a revised investment strategy and proceeds from a 2025 certificate of obligation that the city placed in a pooled investment to earn more interest; staff said earned interest is applied to associated projects.
