02-25-2026 Council Packet - Laserfiche WebLink

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Staff Report To: Mayor Fischer and Members of the City Council From: Sam Magureanu, Consulting Finance Director Date: February 25, 2026 Re: 2025 4th Quarter Financial Report Action To Be Considered: Motion to approve, table, or deny the following: • Acceptance of the 2025 4th Quarter Financial Report. Introduction: Attached are the 2025 4th Quarter Financial Report for the City of Little Canada. Please note that each year, staff plan to have Q1 and Q3 financials as consent agenda items (typically slower activity) and Q2 and Q4 as regular agenda presentations (Settlement revenues are collected, and year-end balances and results are presented). General Fund Revenue Tax revenues are paid in three instalments (June/July, October/November, and a final settlement in January of the following year). Property tax collections for the first settlement have been received and are trading within expectations at 98.90%. The remainder of the balance is estimated to be collected in January of 2026 (Approximately $5,000). The overall collection percentage rate to budget for revenues is higher in 2025 at 109.01% compared to the previous year’s 97.17%. This increase is primarily due to permits revenues being 237.28% to budget in the current year and a loss in tax revenues in 2024 due to increased property petitions filed at the County. Highlights: • Despite the decrease in the number of permits in Q1-Q4 of 2025, permit revenues are trending higher at 237.28% of total budgeted revenues when compared to 150.07% of budgeted revenues in 2024. These types of revenues can fluctuate based on the timing and volume of projects. The 2025 balance includes revenues for permits relating to the 2025 RIDE apartment project, which is also reflected in the increased valuations for 2025 noted below. Weather can also play a significant role, especially when considering permits for roofing and siding.