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STAFF REPORT <br />TO: Mayor Fischer and Members of the City Council <br />FROM: Sam Magureanu, Finance Director <br />DATE: July 23, 2025 <br />RE: 2025 2nd Quarter Financial Reports <br />INTRODUCTION: <br />Attached are the 2025 2nd Quarter Financial Reports for the City of Little Canada. <br />Please note that each year staff is planning to have Q1 and Q3 financials as consent agenda items <br />(typically slower activity) and Q2 and Q4 as regular agenda presentations (Settlement revenues <br />are collected and year end balances and results are presented). <br />Attachments: <br />•General Fund Quarterly Financial Report <br />•Special Revenue and Enterprise Funds Quarterly Financial Report <br />•Investments by Maturity and Type <br />General Fund Revenue <br />Tax revenues are paid in three instalments (June/ July, October/November and a final settlement <br />in January of the following year). The collection percentage rate for 2024 is lower than CY due to <br />two major factors: <br />•First, collections for property tax revenues from the County. In 2024 the City collected a <br />smaller amount of property tax revenues when compared with prior years with the June <br />disbursement. The June disbursement is only an advance that can vary, and it does not <br />reflect the entire first settlement amount. The June advance is followed by a second <br />disbursement in July that completes the first distribution of the first settlement revenues. <br />•Second, the 2024 budgeted revenues for the one-time police aid were collected in 2023 <br />rather than 2024, which explains the increase in 2023 revenues and larger decrease in 2024.