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Finance director reports $5 million uptick in investments; income‑tax receipts still lag year‑over‑year
Summary
Finance Director Jim Milton told council that overall investments rose by about $5,000,000 while income‑tax revenue remains roughly 6% below the prior year (improved from an 11% shortfall earlier); he also warned the county will not advance tax funds in 2027 under new settlement timing and flagged two retirement payouts and a March property‑tax settlement.
Finance Director Jim Milton briefed the council on March financial highlights, saying the city saw an increase in overall investments of roughly $5,000,000 and that income‑tax receipts are "still 6% behind" the prior year but trending toward recovery from an earlier 11% shortfall.
Milton told members that expenditures and revenues to date are reasonable relative to the adopted budget and that the city received a property‑tax settlement in March and made two retirement payouts in February and March. He said the timing of certain revenue sources and planned projects account for some of the month‑to‑month variance.
On county process, Milton said the county budget commission has informed fiscal officers it will not advance tax funds in 2027 and will move to two settlement dates (March and August) because of changes to tax law and filing/appeal processes; he said the guidance gives advance notice so local governments can plan cash‑flow adjustments.
President Dwight A. Clark said the council would follow the standard practice of formally moving to accept the financial reports at the next regular meeting after members have the documents for 24 hours.
