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Midyear finance update: cash balances reported, sales tax still below projections
Summary
Finance staff reported midyear (through June) activity: cash and investment balances were presented and sales tax collections were reported year-to-date down about 5.21%; staff said preliminary 2027 budget numbers will be available late August.
Amy delivered the midyear financial update covering activity through June and noted the 2027 budget development timeline. She listed cash and investment balances, explained that the General Fund is ahead on revenue because of early transfers while sales tax and grant revenue lag, and answered commissioner questions on tax increment timing.
"The up this update reflects year to date activity through June, which is 50% of the fiscal year completed," Amy said. She reported cash-on-hand figures in the packet and explained the differences were driven largely by timing of transfers, debt proceeds and capital projects.
Amy reported the General Fund is ahead because of early transfers but that sales tax year-to-date is negative 5.21% with a rolling average showing a 2–3% negative trend. Commissioners asked about timing for tax-increment financing (TIF) receipts; staff explained timing is driven by county receipts and some TIF-related receipts are expected later in the year.
The commission took no formal budget action at the meeting; staff said they expect the 2025 audit to be completed within weeks and will provide preliminary budget numbers toward the end of August.
