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Poulsbo finance staff report 2024 revenues tracking to budget with capital timing variances
Summary
Finance staff reported sales tax up about 8–9% year-over-year through July, real estate excise tax above projections, and overall revenues near expected percentages after two months of estimated data; capital projects and grant timing create variance and staff flagged reserves and timing for future project choices.
Finance director reviewed revenues and expenditures through September 2024, noting sales tax growth (roughly 8–9% over the prior year for the July activity included) and real estate excise tax (REET) receipts at around 117% of budget year-to-date. “The good news is we're tracking and we are right within budget,” finance staff said, while noting two months of estimated receipts were included to provide a 75%–complete fiscal picture.
Staff explained many capital line variances are timing-related (projects not yet invoiced) and that some federal grants (notably ARPA) have sunset implications for operating capacity. Council and staff discussed reserve policies, debt-timing and one-time carryover possibilities for priorities such as parks or downtown projects; no policy changes were adopted at the session.
