CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the 2022 1st Quarter Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Monthly financial reports to the City Council help inform the public on important issues related to City finances, including discussions around short- and long-term financial strategies. This month's report focuses on the performance of the City budget through the first quarter of 2022 (Q1).
DISCUSSION:
Positive trends can be seen across most of the budget in Q1. Revenues continue to perform well while expenses are in line with budget projections in most categories. While staff continues to monitor cost inflation, it is not yet having broad negative impacts on the budget, as the larger expense categories of salaries and benefits are more fixed than purchased services and supplies.
The table below compares year-to-date budget performance to current year projections, as well as actual amounts from the prior year.
Revenue and Expense by Fund Category
2022
Budget
YTD
Actual
YTD
Projection
2021
YTD Actual
Maintenance & Operating
Revenue
411.60
96.85
87.78
85.69
Expense
402.34
79.17
86.30
72.58
Capital & Debt Service
Revenue
99.15
9.67
15.79
7.87
Expense
102.72
3.14
5.93
1.24
Special Funds
Revenue
41.47
3.90
4.16
3.11
Expense
35.52
6.88
8.07
7.48
$ in millions
Revenues
Across all funds, revenues through Q1 total $110.44 million, exceeding 2021 revenue by 14.5%, and just above the staff's projection of $107.73 million.
Revenue Summary by Category
State Shared Revenues
State shared revenues remained strong in Q1, after their impressive recovery in 2021.
* State income tax at $5.7 million exceeded projections by 41% and rose 30% from the 2021 year to date.
* State sales tax at $11.0 million exceeded projections by 13% and rose 22% over the 2021 year to date.
* Home rule sales tax at $4.7 million exceeded projections by 7% and rose 39% over...
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