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STAFF REPORT <br />DATE: July 15, 2025 <br /> <br /> <br />TO: Mayor and Council <br />FROM: Clarissa Hadler, Finance Director <br /> Nina Kraemer, Finance Coordinator <br />AGENDA ITEM: 2nd Quarter Financial Reports <br /> <br />CORE STRATEGIES: <br />☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services ☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future <br />☐ Managed Growth <br /> <br />BACKGROUND: <br />Staff has prepared the 2nd Quarter Financial Report for review by the City Council. <br /> <br />ISSUE BEFORE THE COUNCIL: <br />Does the City Council have any questions about the 2nd Quarter Financial Report? <br /> <br />DISCUSSION: <br />The Budget vs. Actual for 2nd Quarter 2025 is attached. YTD revenues and expenditures will <br />fluctuate widely throughout the year depending on peak periods for each activity. Below are a few <br />general notes regarding various items. <br /> <br />Revenues: <br />• Tax revenues are receipted in July and December. <br />• General Fund non-tax revenues are expected to be higher this year compared to last year mainly <br />due to increased building permits due to the two school construction projects. Activity has <br />started picking up as we approach warmer weather. <br />• Utility Bills are reflected the following quarter due to the timing of mailings and payments. <br />• Interest earnings are typically allocated at year-end. <br /> <br />Expenditures: <br />• Expenditures reflect a combination of ongoing expenses and items that are one-time payments <br />per year. As such, year-to-date percentages on expenses other than personnel will fluctuate <br />significantly. <br />• We closed two budgetary departments: communications and city hall. The communications <br />expenses are incorporated into the administration department. <br /> <br />Additional information regarding planned/budgeted changes is available in the 2025 Budget <br />reports from the December 17, 2024 Council meeting, or upon request. <br /> <br />FISCAL IMPACT: <br />As noted. <br /> <br />ATTACHMENTS: <br />1) Quarterly Financial Reports