The City’s second quarter (January-March) financial report was presented to the City Council Monday by City Budget Office staff. Revenues and expenditures across most of the City’s five major operating funds (General, Water and Sewer, Solid Waste Services, Golf, and Hotel/Motel Tax) are performing within budget parameters for fiscal year 2023-24.
Though the General Fund’s overall revenues at the quarter’s end were at 66.13 percent of the original amount budgeted/expected (comprised primarily of property taxes, sales taxes and franchise fees), and expenditures at 46.16 percent, staff noted that Sales and Other Business Tax collections ended the quarter $1.01 million below the current budget target (with April and May remittances added, $1.84 million below). This is due primarily to reduced office occupancy in the City and a corresponding reduction in leases for commercial office equipment and furniture as the market adjusts to post-pandemic work trends. Staff will continue to track revenues and expenditures and make strategic operational changes as needed to keep the budget on track.
Monday’s presentation: Click here
