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Finance committee reports positive audit results for FY 02/2324, previews downtown revitalization program
Summary
Finance Committee Chair Brian reported that the finance committee reviewed the city's FY 02/2324 audit and that revenues outpaced expenses despite higher-than-budgeted costs; the committee also reviewed the downtown revitalization program including facade improvement and permit subsidies.
Council member Brian, the finance committee chair, told the council the finance committee met on Monday and reviewed the city's audit numbers for fiscal year 02/2324 (the prior year), noting that while expenses had been higher than budgeted, income was even higher and the city remained in a relatively stable financial position until planned capital spending begins. He said the committee had discussed preliminary numbers for the upcoming budget and that more detail will follow as staff finalize figures.
"Expenses are much higher than we're budgeting, but income is even higher," Brian said, summarizing the committee's assessment. He also reported the committee reviewed the council-adopted downtown revitalization program (facade improvement, planning permit and building permit subsidies) and said the program will be monitored over the next two-year budget cycle to see how much of the allocation is used. If the program is fully used it will be a success; if not, the council could consider continuing it.
Council members thanked staff and the finance director for the work; there were no motions tied to the finance report at the meeting and the item was informational.
