FINANCIAL ADVISORY BOARD AGENDA ITEM
ACTION REQUESTED:
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Receive the year-to-date budget report through March 31, 2026.
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DEPARTMENT: Finance Department
SUBMITTED BY: Braeden Smith, Budget Analyst
BOARD/COMMISSION REVIEW:
N/A.
BACKGROUND:
The report summarizes revenue and expenditure activity recorded through March 31, 2026.
DISCUSSION:
Revenue Summary by Category
Focusing on the City's major funds, the General Fund revenues total $36.48M through the first quarter, representing an increase of 4.4% from 2025. Utility based revenues collected in the Electric and Water Utility Funds are both higher than they were through the first quarter of 2025. Electric Utility Fund revenues total $41.33M which was 95.1% of projection and a slight increase of 0.4% from 2025. While Water Utility Fund revenues were up 11.4% compared to 2025, totaling $21.72M. Driven by strong Home Rule Sales Tax (HRST) receipts, Capital Project Fund revenues are up 35.2% compared to 2025, totaling $7.40M through the first quarter.
State Shared Revenues
State shared revenues consist of individual revenue streams such as Sales Tax, State Income Tax, Motor Fuel Taxes, PPRT and Local Use Tax. As a category, State Shared Revenues total $25.51M, which is up 4.3% compared to this point in 2025 and 10.5% over projected revenues through the first quarter.
* Sales taxes make up the largest portion of State Shared Revenues, accounting for $15.37M, representing a year-over-year increase of 12.6%. The first three months of sales tax recorded in 2026 are representative of sales made at the end of 2025, so the changes in legislation related to online and out-of-state sales continue to impact year-over-year comparisons. Starting in April, Sales Tax as a category may see a slight decline in revenues as it would be the first month with the new grocery tax legislation in effect. The decline would be offset in the grocery tax revenue account.
* State income taxes total $6.65M, which is an increase o...
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