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Monthly budget update: expenditures under targets; sales-tax report flags restaurants and web vendors
Summary
Finance staff reported expenditures a bit under budget through May and described a sales-tax summary (local revenue concentrated in restaurants, Amazon ranked first among web sellers and Grubhub second). Commissioners discussed cash-on-hand timing and major July outflows.
City finance staff gave a high-level review of the monthly budget report through May and highlighted a sales-tax summary included as an appendix to the report.
"We anticipate finishing the year a little bit under budget on the expenditure side," Nick said, and added that revenues were "kind of right at budget" as of the May reporting period.
Nick walked commissioners through the sales-tax summary produced by consultant HDL, saying the report provides aggregated, proprietary data with the top 25 sales-tax producers and a local market snapshot. He noted restaurants as the largest local business group and said the top web sellers were led by Amazon, with Grubhub identified as the second-largest internet-based vendor in the most recent quarter.
Commissioners asked about recent council-approved expenditures and whether the city could invest some cash on hand. Nick said July typically has large outflows (pension prepayment and insurance premiums) and that the city prefers to remain liquid through July'September; the staff will review investment options after the heavy outflows subside.
The commission pulled item 4 for discussion, then voted to receive and file the monthly budget report.
