CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the 2024 Mid-Year Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Director
BOARD/COMMISSION REVIEW:
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BACKGROUND:
The Finance Department monitors revenues and expenditures throughout the year to identify trends that impact the annual budget and Capital Improvement Program (CIP). Regular financial reporting informs the City Council and the public on important issues related to the City's finances, including discussions around short-and long-term financial strategies.
This month's report focuses on budget performance through the first seven months of 2024 and will discuss preparation of the 2025 annual budget.
The PowerPoint presentation will be made available with the Agenda Q&A that is posted prior to the meeting.
DISCUSSION:
Through July, budget performance aligns with expectations across most funds. Due to the budget's size and complexity, revenues and expenditures are summarized according to three major fund categories: Maintenance and Operating, Capital and Debt Service and Special Funds.
Staff measures year-to-date revenues and expenditures against three milestones: the full-year budget, a monthly projection based on five years of historical data, and the prior year's year-to-date actual. These three measures allow for the budget to be analyzed against a single point in time (last year) and current expectations.
Revenues
Revenue through July across all funds totaled $286.94 million. This is a 2.2% increase over the same period in 2023, but 0.7% lower than the current year projection of $288.93 million. For an accurate comparison, these revenues do not include $20.26 million in bond proceeds for the Water Utility received in May.
While major revenue streams remain consistent with projections, some revenues are performing below expectations. Revenues in the Special Funds exceeded prior year actuals by 57%. The variance is a result of the new quarterl...
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