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City staff present October and November financial reports; sales tax target remains $12.2M
Summary
Finance staff reviewed October and November financial reports, noting revenues and expenses to date, sales tax lag effects and a sales tax target of $12.2 million for the fiscal year.
City staff presented October and November financial statements to the council, noting that through October the city was about 8% into the fiscal year with revenues of roughly $1.7 million and expenses near $2.5 million. Staff said sales tax is the primary revenue source early in the fiscal year and reminded council of timing lags that affect collection patterns.
Through November staff reported revenues above $5 million and continuing to track against the $12.2 million sales-tax target for the fiscal year. Water and sewer revenues and hotel occupancy taxes were reviewed; staff said November sales-tax collections showed a modest increase compared with the prior year and that more comprehensive reports will be in the upcoming council packet.
Why it matters: the reports provide an update on municipal revenue and expense trends and inform budgetary and service decisions for council and staff.
