Through June 2023, the City continues to be in excellent financial condition. The City’s General Fund balance is nearly $1 million higher than estimated, primarily due to a 4.2% increase in income tax revenue and investment earnings more than doubling due to increased interest rates. The other City operating funds are all above estimate, as well. City-owned and operated water and electric utilities have experienced increased sales and the Ellsworth Meadows Golf Course continues to see tremendous demand and a record number of rounds played. Velocity Broadband has shown modest growth and continues to be self-supporting.
Like most businesses and City governments, we continue to see an increase in costs for equipment and services. By planning and securing grants and other sources of funding, the City continues to successfully implement its Five-Year Plan, including the annual road program, storm water improvements, and our Sidewalks and Trail Plan. We continue to experience delays in vehicle and equipment purchases. However, with the support of City Council, orders are placed far enough in advance that the delays have not impacted services to residents and businesses.