Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
FY26 finances: revenues tracking above projections; senior-meals fund shows temporary deficit
Summary
City finance presenter Jan Peterson reported FY26 revenues at about 103% of projections through April, with some line items above forecast; the senior-meals reimbursement fund shows a temporary deficit of roughly $8,600 pending grant reimbursements and audit completion.
Jan Peterson presented the City of Seldovia’s FY26 financial summary, noting that the packet figures run through April with May and June still outstanding and that the numbers are therefore preliminary.
Peterson said overall revenues were roughly 103% of projected amounts through the reporting period and highlighted line items such as sales tax (about 102%) and personal property tax (about 124%), while remote-seller sales tax trailed at about 92% through April but was expected to recover once May and June receipts are tallied. “103% overall of projected revenues accrued,” Peterson said. On the expenditure side, many subsections came in under budget, with overall expenditures averaging about 85% of projections.
She flagged a reimbursement-driven shortfall in the senior-meals fund: because grants are reimbursement-based, the fund showed an apparent deficit of roughly $8,600 as of June 30, which Peterson said should resolve once required quarterly reports are submitted and reimbursements are received. Peterson also noted the FY25 audit is nearly complete and that the contracted accounting firm has been working to speed closeout and assist with FY26 reporting.
Council members thanked staff for conservative revenue forecasting and discussed follow-up items, including continuing grant management, monitoring the sewer revenue shortfall, and finalizing the audit.
