CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the 2025 Mid-Year Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Director of Finance
BOARD/COMMISSION REVIEW:
N/A
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 Mid-Year Report focuses on budget performance through the first six months of 2025 and will discuss the preparation of the 2026 annual budget.
The PowerPoint presentation will be made available with the Agenda Q&A that is posted prior to the meeting.
DISCUSSION:
Through June, 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 three 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 June across all funds totaled $314.41 million. This is an 18.1% increase over the same period in 2024, and 15.9% higher than the current year projection of $271.22 million primarily related to the $45 million bond issuance that occurred in June to fund various capital projects, including capacity and process improvements at the Springbrook Water Reclamation Center, the public safety radio system, as well as the replacement of electric infrastructure.
While most major revenue streams remain consist...
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