TO: Mayor and Commissioners
FROM: Henry M. Dachowitz, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: December 17, 2024
Title
PRELIMINARY QUARTERLY / YEAR END FINANCIAL REVIEW THROUGH SEPTEMBER 30, 2024
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Recommended Action:
Recommendation
N/A - Presentation item.
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Background:
Attached are the preliminary year-end / quarterly financial reports for fiscal year 2023-24 ending September 30, 2024. The staff summary below gives a brief overview of the budgetary performance for the City’s major revenue sources as well as an analysis of the year-to-date (YTD) performance.
General Fund Revenue Summary (94% of Budget Collected):
Total Budget: $191,385,185
Total Actual YTD: $179,718,650
§ Taxes {100% collected}
Year-to-date the City has collected $113.5 million in tax revenue (property taxes, utility service taxes, general business tax receipts, etc.). Of this total, $100.4 million represents property tax revenues; $8.8 million is for electric/gas utility taxes; $3.4 million is for communications services taxes and $931 thousand collected represents business tax receipts. This reflects a $9.8 million increase from the amount of property taxes that were collected last fiscal year. Electric/gas utility tax collections increased by $267 thousand from the previous year’s collection.
§ Permit Fees and Special Assessments {98% collected}
$9.6 million collected year-to-date represents 98% of budgeted revenue for this category. Electric franchise fees constitute the largest revenue source within this category with $6.2 million collected.
§ Intergovernmental Revenue {99% collected}
This revenue category represents funds received by the City for federal, state, and local grants as well as state revenue sharing funds (half-cent sales tax, state-shared revenue, alcoholic beverage license tax receipts). The City has received $14.1 million or 99% of...
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