The City budget remains on track with its current fiscal year outlook, according to the FY 2025 First Quarter Financial Report presented at Monday’s City Council meeting. The First Quarter Report represents activity from Oct. 1-Dec. 31, 2024; revenues and expenditures are compared against the original budget adopted in August 2024.
All five funds (General, Water and Sewer, Solid Waste Services, Golf and Hotel/Motel Tax) are generally performing as expected, within budgeted parameters. Of note, sales tax revenue in the General Fund was $1.6 million above the budget target after four months of remittance; hotel occupancy taxes (Hotel/Motel Tax Fund) ended the first quarter $56,000 below the budgeted target; and Golf Fund revenue was trending below budgeted expectations as a result of less rounds of golf played (due to the delayed Sherrill Park Course 2 re-opening) but an Additional Fund Balance was kept in the Golf Fund at the close of FY 2024 in response to this delay.
Staff will continue to monitor current economic trends impacting commercial property values, sales tax trends, and interest rates, not only in regard to the current fiscal year, but toward the development of next year’s budget.
Monday’s presentation: https://richardsontx.new.swagit.com/videos/298369?ts=3794
Website: www.cor.net/budget
