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STAFF REPORT <br />TO: Mayor Fischer and Members of the City Council <br />FROM: Sam Magureanu, Finance Director <br />DATE: October 22, 2025 <br />RE: 2025 3rd Quarter Financial Reports <br />Action To Be Considered: <br />Motion to approve, table, or deny the following: <br />•Acceptance of the 2025 3rd Quarter Financial Reports. <br />Introduction: <br />Attached are the 2025 3rd Quarter Financial Reports for the City of Little Canada. <br />Please note that each year, staff plan 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 />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). Property tax collections for the first settlement have been <br />received and are trading within expectations at 51.63%. The remainder of the balance is estimated <br />to be collected in Q4. <br />The overall collection percentage rate to budget for revenues is higher in 2025 at 60.27% compared <br />to the previous year’s 48.90%. This increase is primarily due to permits revenues being 212.86% <br />to budget in the current year and a loss in tax revenues in 2024 due to increased property petitions <br />filed at the County.