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Quarterly financial report: sales tax near projections, capital spending trails budget
Summary
Staff told the council that sales tax collections for the general fund ran at 99.1% of projections through Sept. 30, 2024, down about 1.3% from the prior year; capital spending for FY24 totaled about $2.5M against a $14M budget figure and figures are unaudited.
Finance staff presented the city’s quarterly financial report through Sept. 30, 2024 and described the packet as more visual and aligned with charter reporting. The presentation noted the figures are unaudited and subject to audit adjustments and said sales tax collections for the general fund reached "99.1% of what we thought we would get," a decline of about 1.3% from the prior fiscal year.
Staff also summarized capital and other fund activity: about $2.5 million was spent on capital projects in FY24 while the adopted budget included roughly $14 million of capital funding from various sources; staff highlighted completed sidewalk projects and explained some variance in police expenditures due to vehicle carryover and personnel costs. The finance presentation flagged ARP funds that were moved between fund accounts and invited council feedback on how they would like numbers displayed.
