Council receives and approves August 2025 financial report; general fund cash projected to end FY below prior year
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Summary
The council reviewed and approved the town’s August 2025 financial report. Staff reported year-to-date general fund revenue of about $1.5 million, expenditures of about $1.6 million through August, and a projected general fund balance of roughly $793,000 at year end, down from the prior year.
Sarah with the James Vincent Group presented the town’s August 2025 financial report to the council and answered questions before the council voted to accept the report as presented.
Sarah said general fund year-to-date revenue through August was about $1.5 million, with transaction privilege tax (TPT) collections of about $1.1 million and nontax revenue just under $43,000. Across all funds, she said TPT was down about 2.9% from the prior year; construction-related TPT and commercial rentals were notably lower, while retail sales were up year to date.
General fund expenditures through August were approximately $1.6 million, which Sarah said represented about 15.9% of the budget while the fiscal year was about 17% complete. She told the council that the unusual reading for some departments was driven in part by three payrolls in August; when adjusted for payroll timing most departments track closer to expected levels. Sarah pointed out that the magistrate contract payment and annual League of Arizona subscriptions caused some line-item spikes.
Sarah reported general fund cash at about $1.2 million in August, down about $3.2 million from the prior year, and that staff projected roughly $793,000 at fiscal-year end based on current trends. Councilors asked about unusual entries: a negative in drainage rehabilitation was explained as a reclassification correction moving a July transaction into street maintenance, and council requested follow-up on a BNY Mellon account balance that appeared unchanged in recent statements.
Councilor Turner asked whether staff could forecast spending for the next several months; staff pointed to a cash-flow page in the packet that projects monthly receipts and disbursements based on historical patterns while noting the packet’s cash-based view does not reflect all accrual adjustments. Council approved the August financial report by voice vote; the motion carried unanimously.