7. 23-0459 Fiscal Year 2023-2024 Quarterly Budget Update (Finance Director Charelian).
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
C) APPROVE STAFFING ADJUSTMENTS
Expenses exceeded revenue by $4.4M and the same in last year comparison quarter. As a resident I would like to hear a discussion on 1) what the fiscal year revenue/expenses were, 2) is this deficit spending a trend and reasoning behind this view, 3) where the deficit will be paid from, 4) what actions need to be taken to get revenues and expenses better aligned.
The commentary on parking citation revenue dropping by $208K begs the question of what the cost is to hire contract services to perform this function. If it is $100K then the city will still be ahead by $108K.
Regarding property tax revenue: with mortgage rates in the 8% range home sales have stalled across the country. It appears that City of MB was fortunate to have some high-cost sales. However, the expectation I have is that property tax revenue will not increase at the same rate as past years until mortgage rates decline. What is being considered in budget planning around property tax?
Expenses exceeded revenue by $4.4M and the same in last year comparison quarter. As a resident I would like to hear a discussion on 1) what the fiscal year revenue/expenses were, 2) is this deficit spending a trend and reasoning behind this view, 3) where the deficit will be paid from, 4) what actions need to be taken to get revenues and expenses better aligned.
The commentary on parking citation revenue dropping by $208K begs the question of what the cost is to hire contract services to perform this function. If it is $100K then the city will still be ahead by $108K.
Regarding property tax revenue: with mortgage rates in the 8% range home sales have stalled across the country. It appears that City of MB was fortunate to have some high-cost sales. However, the expectation I have is that property tax revenue will not increase at the same rate as past years until mortgage rates decline. What is being considered in budget planning around property tax?