Agenda Date: 07/06/2021
Subject:
Title
Financial Information Update
Body
Prepared By:
Tiffany Hooten, Finance Director
PURPOSE:
Staff will be providing council with an update on several financial related items.
PRESENTATIONS:
Staff Presenter(s): Tiffany Hooten, Finance Director
Ashley Bolton, Administrative Services Director
Additional Presenter(s): N/A
SUMMARY:
There are several finance related items staff will be updating council on and providing information on future actions needed by council.
PRIOR ACTIONS OR DISCUSSIONS:
N/A
ANALYSIS:
Staff Analysis
Staff will be providing an update on several financial related items and future requested actions by council.
1) Sales and use tax revenue update
2) Consolidation of printer/software in the 2021 and future budgets
3) Release of 2021 budget proviso
4) Restructuring of 2021budget to reflect reorganizations of 2020
5) Discussion of 2021 uses of American Rescue Plan Act funds
Sales and Use Tax Revenue Update
It is imperative to monitor sales and use tax revenues each month to understand how the largest revenue source of the general fund is responding as the economy continues to change as a result of COVID. Fortunately, the city has seen a positive reaction over the past few months. This is providing the opportunity to evaluate current and future projections of revenues, as well as expenditures, moving forward. Staff will provide an overview of the May sales and use tax report.
Consolidation of Printer/Software
In an effort to bring visibility across the organization as to software utilized by departments and to potentially look to consolidation efforts, the IT and procurement departments have made great strides in identifying, documenting and managing printer and software utilization throughout the organization. Currently, many departments manage their own printer costs and software program renewals and budgets related to software. By consolidating software and printer budgets into a centralized ge...
Click here for full text