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City reports seasonal $8 million monthly shortfall, says finance presenter
Summary
City finance presenter reported a $8,000,000 net loss for the month and said receipts are at about 81% of the annual budget while expenditures sit near 66–67%; presenter explained the seasonal pattern of property tax and license receipts.
Logan, the finance presenter, told the council the city's net income for the month was a negative $8,000,000 and explained that seasonal timing of property tax and business license receipts drives monthly fluctuations. "If you look at a graph of how our general fund moves during the year, there's a peak in January and February when all the property tax and a bunch of business license tax comes in," Logan said, and noted that being at about 81% of budgeted receipts with expenditures at roughly two-thirds of budget is within expected seasonal patterns.
Council members asked for clarity on the percent-of-year pacing and which departments drive summer spending; Logan pointed to increased summer spending in police and parks and said the numbers should catch up over the remainder of the year.
