TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jeffery Yates, Assistant City Manager
DATE: February 24, 2025
RE:
Title
Receive the FY 2025 Second Quarter Financial Update
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V : Financially Sound City Providing Exemplary City Services.
Executive Summary:
The presentation and discussion will focus on the City's FY 2025 financial performance through December 31, 2024.
Background:
The information included in the presentation highlights the City's financial activities through December 31, 2024.
Issues/Analysis:
Several key takeaways emerge when the various reports are analyzed as a landscape. No single piece of information provides a complete picture, but when taken together, we can get a high-level picture of the City's financial condition and health.
The reports are attached for a detailed review, and we welcome any follow-up questions for clarity or explanation. The reports included offer four key takeaways:
1. The City's financial health is strong and the General Fund is performing as expected. The City continues to experience strong financial performance. Through the second quarter, the revenues and expenditures are in alignment with historical trends. The three expenditure types that most reflect operations-personnel services, operating expenditures, and contract services-are aligned with historical trends.
2. Vacancies continue to be both a positive and a risk. The positive trend is that, given our experience through December (13 pay periods), we estimate savings of at least $13 million. However, the City is experiencing higher than expected use of overtime, temporary labor, and seasonal. As we continue through the year we will monitor these areas, which will, as would be expected, reduce the City's savings. We are on track to achieve our estimated vacancy savings.
At the December 30 rep...
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