Finance director reports strong first-half finances; July financials, midyear budget adjustments upcoming
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Summary
The finance director told council June 2025 financials show strong income-tax receipts and expenditures within budget, noted a July bond refinancing that saved about $2.6 million and reaffirmed the city’s AAA ratings; staff will present July results and midyear budget changes at upcoming meetings.
The City’s finance director briefed council on the June 2025 monthly report during the Aug. 18 meeting, saying income-tax revenues are performing well and expenditures remain within budget. “Financials are strong,” the finance director said, noting the first five months of the fiscal year showed favorable results.
The director highlighted a July refinancing that saved the city about $2.6 million and said the city’s AAA credit rating was reaffirmed by Moody’s and S&P. Staff told council they will bring the July financials and any midyear budget changes to upcoming meetings; midyear adjustments will also accommodate accounting for bond-refinancing proceeds and appropriations tied to that transaction.
The director said the team has begun the 2026 budget process and will schedule meetings after the November election, with an expedited timeline this year. Council was also told a full financial report on the new community center would be presented at the next meeting.
Council members asked about bids on a pool project (Devon Pool toddler pool) and why the contract had limited bids; staff explained the project was rebid after a single over-budget bid and that the second round returned a more competitive single bid following clarifications and limited value engineering.
No council votes were taken on the monthly report; related ordinances on the agenda (contract awards and utility relocations) were introduced for first reading.