89°F
weather icon Partly Cloudy

Finance director: City in good shape

Boulder City’s finances are looking to be in good shape as money is coming in and going out as expected.

“All funds are performing as expected at this point the year,” said Finance Director Diane Pelletier as she shared the financial plan for the next five years at the Feb. 12 City Council meeting.

Council adopted it unanimously.

According to the city code, the city must adopt a five-year plan annually to ensure it can accomplish the financial commitments and goals set in its strategic plan.

With half of the city’s fiscal year completed, Pelletier said revenues are coming in as expected as well as the projected expenses. She said all funds are at or below 52 percent of the budgeted amount, which is where they should be at this point in the fiscal year.

“Boulder City’s financial position has improved since the recession,” said City Manager Al Noyola. “This five-year plan provides a roadmap to continue along this sound financial pathway. Our Finance Director Diane Pelletier and her incredible staff are making sure we plot our course accordingly.”

In the plan, all the estimates were done conservatively, according to Pelletier.

Consolidated tax collections were forecast at 4 percent rather than the actual five-year trend of 5.25 percent.

The rent projections were just from leased or optioned properties and did not include land that could be utilized in the future. Revenue from building permits does not include potential fee collections from future solar development or tract home developments.

Additionally, more utility revenues are coming in than anticipated. The electric fund is at 69.7 percent. The water fund is at 74.6 percent, and the sewer fund is at 74.8 percent. The wastewater fund is below the threshold at 41.3 percent.

Pelletier said it was due to the record-setting summer and fall temperatures.

“The utility fund revenues … are above the 50 percent trend line at this point, but … the hot weather months are behind us and we expect some of that to trend back down over the next few months,” she said.

The airport revenues were slightly below the 50 percent mark.

“We’re watching everything closely and nothing here alarms us at this point,” she said.

Staff is working on the budget for the 2019-2020 fiscal year. A City Council budget workshop is scheduled for March 13. Pelletier said she plans to submit it to the state May 16, earlier than last year.

Financial Plan by on Scribd

Contact reporter Celia Shortt Goodyear at cgoodyear@bouldercityreview.com or at 702-586-9401. Follow her on Twitter @csgoodyear.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Lagan completes first Olympic event; misses finals

It’s one event down and three more to go for Boulder City’s first female Olympian, Alexis “Lexi” Lagan.

Masks are back for some

Employees in Boulder City and the rest of Clark County will have to wear masks in public indoor places regardless of their vaccination status according to a new mandate.

Tokyo bound: Lagan confident about competing in Olympics

Alexis “Lexi” Lagan of Boulder City is confident about competing at the Olympics in a few days despite having to train with a broken ankle.

Coalition urges protection for shrinking Colorado River

A group that included environmentalists, elected leaders and officials from business and agriculture gathered July 15 to put forth a slate of demands for a new approach to managing the Colorado River.

Freedman named state museums administrator

Myron Freedman has been named administrator of the Nevada Division of Museums and History, overseeing the state’s seven museums. The director of the Nevada Department of Tourism and Cultural Affairs made it official in June after consulting with the Board of Museums and History.

List of congressional candidates grows

The list of potential candidates to represent Boulder City at the state and federal levels is growing.

 
Railroad Pass breaks ground for 127-room tower

Railroad Pass Casino broke ground July 8 for a new 127-room hotel tower, which will be branded as a Holiday Inn Express.

Fox, Jorgensen sworn into council

Boulder City has two new council members and a new mayor pro tem after its regular meeting earlier this week.