City Council Study Session

City Council Study Session Agenda April 28, 2025 - 6:00 PM City Council Chambers, City Hall, 3rd Floor, 1528 Third Avenue, Rock Island, IL Click Here to Watch Live 1. Call to Order 2. Roll Call 3. Presentations a. First Quarter Financial Management Report 4. Public Comment 5. Adjourn a. Motion: Motion to Adjourn. VV Voice vote is needed. This agenda may be obtained in accessible formats by qualified persons with a disability by making appropriate arrangements from 8:00 am to 5:00 pm, Monday through Friday, by contacting the City Clerk's Office at (309) 732-2010 or visiting in person at: 1528 Third Avenue, Rock Island, IL 61201. Page 1 of 18  MEMORANDUM FINANCE DEPARTMENT TO: Todd Thompson, City Manager Number: 019-2025 SUBJECT: Financial Management Report – Ending 03/31/2025 Date: April 28, 2025 The management report for the period ending 03/31/2025 provides a review of revenues, expenditures and net position for all funds; an analysis of major state and local tax revenues and a monthly investment report. The benchmark for the first quarter is 25%. The 2024 audit is ongoing, with the final presentation to Council scheduled for June 23rd. REVENUES, EXPENDITURES AND NET POSITION General Fund is used to account for all financial resources except those required to be accounted for in another fund. The majority of city departments are reflected in the General Fund. Revenue was reported at 13% of the budget. State and local taxes were budgeted at a combined amount of just over $23 million or 48% of General Fund revenues. Some revenue received in January and February is for the prior year and has been accrued back to 2024. Expenditures were reported at 19% for the first quarter. Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The Public Library Fund received 2% of its budgeted revenue in the first quarter. The largest revenue source for the library are property taxes. The first distribution of property taxes is typically received in May. Expenditures were at just over $550,000 or 16% for first quarter. The Tax Increment Financing (TIF) District Funds are a combination of several TIF Districts. The main source of revenue for each district is property taxes. Revenue was reported at 2% of the budget pending distributions; while expenditures were reported at 9%. Riverboat Gaming – revenue was reported at 16% while expenditures were at 5% of the targeted benchmark pending budgeted transfers. Typically transfers are made to the Debt Service Fund in June and again in December for bond interest and principal payments. During the 2025 budget process, Council approved transferring $1,049,612 for the 2025 fleet amortization payment. The amortization payment has been broken up into multiple transfers payments and will be performed throughout the year. Capital Projects – This includes the Capital Improvements Project (CIP) Fund which is supported by the Motor Fuel Tax. The Fund received investment income in the amount of $1,423 during the three-month period. Expenditures were reported at 0%. The Street Improvement Fund reported revenue at 26% and expenditures at 1% for the first quarter of 2025. Other Governmental Funds The American Rescue Plan Act (ARPA) Fund was created to track expenditures related to this disbursement from the federal government. The revenues received throughout the first quarter represent investment income. Actual expenditures for the quarter totaled $146,990 or 3% of budgeted expenditures. Motor Fuel Tax (MFT) Fund is used to account for revenue from state gasoline and expenses related to approved motor fuel tax projects. Revenue was reported at 19% for the first quarter, while expenditures were at 6%. Page 2 of 18 The Motor Fuel Tax (MFT) – Rebuild IL Fund. This is a grant distributed by the State of Illinois for capital projects related to transportation. The City of Rock Island received $2.5M. Reconstruction projects budgeted this year using Rebuild IL funds include engineering and infrastructure costs related to the 28th Street project. Housing and Community Development Fund (242) is used to account for costs related to the operations of the Community Development Block Grant. Revenue was reported at 9% due to the timing of the drawdowns and expenses were reported at 10%. Martin Luther King Community Center Operations Fund is used to account for costs related to the operations of the Community Center. Revenue was reported at 25% and expenditures at 23%. General Fund transfers account for $195,000 for this budget year. Other revenue sources include leasing of office space and community room rental. Foreign Fire Insurance Fund is used to account for foreign fire insurance tax monies expended by the Fire Department for supplies and equipment as approved by the Foreign Fire Insurance Committee. Community/Economic Development Fund (207) is used to account for contributions and grants which support various special economic development activities. Actual revenue was 15% of the annual budget amount mainly due to Federal and State grant drawdowns and expenditures were reported at 13% for the first quarter. The Debt Service Fund pays general obligation debt (and related costs such as financial services and banking fees) for non-enterprise funds with transfers from the Gaming Fund. Interest only payments are due in June while interest and principal payments are due in December. Revenue and expenditures reported at 0% and 0% respectively for this period due to pending transfers and payments. Proprietary/Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent is that costs of providing goods or services to the public are primarily recovered through user charges. Solid Waste revenue was above the target benchmark of 25%; while water (19%), wastewater (18%) and stormwater (22%) were slightly below. Expenses trended below the benchmark for all four funds: water (16%), wastewater (8%) and stormwater (10%) and solid waste (22%) for the three-month period. Parks and Recreation Fund first quarter revenue was at 11% of the budget. $2.4M of the budgeted revenue comes from property taxes. The first distribution of the property tax revenue should be received in May. Expenses were reported at 15% of the budget for this quarter. Page 3 of 18 The Sunset Marina Fund is part of the City’s annual audit. Once the 2024 audit is complete, closing entries will be performed and the fund will be reconciled for the first quarter to accurately reflect revenues and expenditures for 2025. Housing & Community Development Loan Fund (581-585) represents the issuance and collection of residential and business loans. Revenues received in the combined funds are for investment income and totaled $4,549. Expenses were above the target at 73% during the three-month period due to the issuance of a new CIRLF loan. Internal Service Funds represent goods and services provided by one department to other departments on a cost- reimbursement basis. Equipment Maintenance (Fleet Services & Amortization Fund) reported revenues at 26% and expenses at 12% for the quarter. The Building Amortization Fund received investment income revenue totaling $460 during the first quarter, while expenditures were reported at 0%. Engineering Fund reported revenues at 3% which represents three months of services and expenses at 20%. The Self-Insurance and Employee Health Benefit funds reported revenues at 26% and 21% respectively; and expenses at 28% and 19% respectively. Hydro-Electric Plant – The Hydro-Electric Plant lease was terminated in 2021. However, expenditures are budgeted for principal and interest payments on debt. The debt balance as of 03/31/25 is $380,000. Any surplus or deficit cash balances in this fund are allocated to the Water and Wastewater Funds through year-end adjustments. Fiduciary Funds include the Fire and Police Pension Trust Funds which the City does not own. Revenue is generated from Employer Contributions through Property Tax, Employee Contributions through pension deductions through payroll, and investment income. (Rules and regulations of the funds are established by the Pension Division of Illinois Department of Insurance). Section 125 Cafeteria Plan Fund is used to account for the employees’ tax-exempt payments for health-related expenses and dependent care. Component Unit – Legally separate organization that does not quality as a primary government but is financially dependent on government organization. MLK Community Center Funds (non-profit side) reported revenues at 16% of the budget and expenses at 17% of the target benchmark. STATE AND LOCAL TAX REVENUE ANALYSIS  Income tax (Local Government Distributive Fund (LGDF)) is budgeted at $6.4M for CY 2025 which is consistent with 2024 actuals. Revenue received through the three-month period was at the 24% benchmark. Projected annual revenue is approximately $39,226 less than the budgeted amount. This amount continues to fluctuate as the State adjusts the Replacement tax revenue. o Cities and counties receive a percentage of total state income tax revenues through this fund on a per capita basis.  Replacement tax (also known as Personal Property Replacement Tax – PPRT) revenue was reported at 20% of budget through March 31st. Page 4 of 18   Sales tax (Retailer’s and service occupation) revenue was reported at 19% of the budget. The annual projection is expected to be approximately $95,000 higher than the budgeted amount. The State tax rate is 8.5% and the City receives 1%.  Local option sales tax (net of state administrative fees of 1.5%) was 18% of the budget for the first quarter. The annual projection is expected to be $45,000 higher than the budget. Home Rule imposed tax rate of 1.25%.  Use tax revenue for the first quarter was at 11.6% of the benchmark. The annual projection is below the annual budget by approximately $72,000. Use tax is a form of sales taxes that a purchaser owes on goods purchased out of state for the use or consumption in Illinois.  Municipal Utility Tax revenue was 18% of the budget. Annual projections indicate total revenue will be approximately $34,000 higher than the budgeted amount. Tax is imposed on natural gas and electricity utility revenues.  Telecommunication (Excise) Tax revenue was at 14.5% of the total budget; annual projections are 2% below budget. o The total rate is 13% (State 7% and Rock Island 6%). The tax is imposed on intrastate messages as well as interstate messages (messages transmitted through the use of local, toll, or wide area telephone services; private lines services; telegraph services; cellular mobile telecommunication services. Prepaid telephone calling arrangements (prepaid calling cards) are not subject to this tax but are subject to sales tax.  Local Food and Beverage Tax revenue is below the benchmark at 12.3% of the budgeted amount. Collections for this tax are a month behind (i.e. vendors remit tax in May for April collections). Revenue projections indicate total revenue will be below the budgeted amount by $48,000. Tax rate 1.5% of the sales price. o Also known as the Prepared Food and Liquor Tax. Prepared foods: Any solid, liquid (including both alcoholic and nonalcoholic liquid), powder or other food substance used, or intended to be used, for human consumption, and which has been prepared for immediate consumption on and/or off the premises.  Gaming Tax revenue was also slightly below the benchmark at 24.6% during the first quarter. GENERAL FUND DEPARTMENT EXPENDITURES General Fund Department expenditures were 18% of the revised budget as of 03/31/2025. INVESTMENT REPORTS The City’s cash and investment as of 03/31/2025 total $40,095,341. o The decrease in the investment totals are due in large part to the City spending the ARPA funds that have been invested in multiple accounts. Submitted by: Jessica Sager, Finance Director Approved: Todd Thompson, City Manager Page 5 of 18  CITY OF ROCK ISLAND GENERAL FUND EXPENDITURES BY DEPARTMENT AS OF 03/31/25 Target Percentage: 25% EXPENDITURES FUND 101 REVISED BUDGET ACTUAL % OF BUDGET GENERAL FUND DEPARTMENTS Mayor & City Council 205,261 39,086 19% City Clerk 94,921 22,647 24% General Administration 841,342 209,005 25% Human Resources 479,555 82,016 17% Finance 5,241,845 360,882 7% Information Technology 1,696,519 394,846 23% Community and Economic Development 2,862,978 612,161 21% Police 19,225,170 3,559,281 19% Fire 15,783,761 3,112,971 20% Public Works 6,466,857 1,307,876 20% TOTAL 52,898,209 9,700,769 18% The following Departments were excluded from the total: 225-DUI Fine 273-Police Contrb 226-Court Supervsn 276-RI Labor Day Parade 227-Crime Laboratory 279-Fire Donation 272-DARE Page 6 of 18  CITY OF ROCK ISLAND REVENUES, EXPENDITURES AND NET POSITION AS OF 03/31/25 Target Percentage: 25% REVENUE EXPENDITURES NET POSITION REVENUES OVER (UNDER) EXPENDITURES % OF % OF CASH FUND BUDGET ACTUAL BUDGET BUDGET ACTUAL BUDGET BUDGET ACTUAL AVAILABLE NET POSITION GOVERNMENTAL FUNDS General 48,976,723 6,257,418 13% 56,955,689 10,691,503 19% (7,978,966) (4,434,085) 21,038,241 16,604,156 Special Revenue (Major) Public Library 3,372,689 69,069 2% 3,520,058 556,097 16% (147,369) (487,028) 1,443,929 956,901 TIF 4,361,191 68,179 2% 3,667,257 343,277 9% 693,934 (275,098) 6,976,627 6,701,529 Riverboat Gaming 3,820,000 604,525 16% 4,869,250 262,403 5% (1,049,250) 342,122 2,092,567 2,434,689 SSA - Downtown 310,659 1,021 0% 310,659 77,653 25% - (76,632) 103,050 26,418 Capital Projects - 1,423 - 608,826 - 0% (608,826) 1,423 (5,945) (4,523) Street Improvement Fund 2,000,000 522,928 26% 1,970,000 11,312 1% 30,000 511,616 533,440 1,045,056 Other Governmental American Rescue Plan 3,652,766 48,082 1% 4,465,619 146,990 3% (812,853) (98,908) 4,910,323 4,811,416 Motor Fuel Tax 1,550,000 288,957 19% 1,963,855 119,523 6% (413,855) 169,434 1,002,734 1,172,169 MFT Rebuild IL - 15,085 - 354,129 - 0% (354,129) 15,085 1,636,351 1,651,437 Housing and Community Development 1,262,792 117,159 9% 1,262,792 125,474 10% - (8,315) (237,353) (245,668) MLK Community Center Operations 220,000 54,028 25% 220,000 50,299 23% - 3,729 (143,370) (139,641) Foreign Fire Insurance 65,000 - 0% 65,000 38,734 60% - (38,734) 172,851 134,117 Community/Economic Development 1,101,741 168,931 15% 1,099,616 143,602 13% 2,125 25,329 (187,131) (161,802) Federal Programs 22,136 - 0% 22,136 - 0% - - (4,580) (4,580) Drug Prevention 64,000 13,365 21% 62,127 8,110 13% 1,873 5,255 210,097 215,351 Debt Service 3,900,184 2,261 0% 3,836,299 991 0% 63,885 1,271 249,082 250,353 Downtown Grant Pass Through 3,109,819 827,793 27% 3,109,819 443,482 14% - 384,311 - - Page 7 of 18  CITY OF ROCK ISLAND REVENUES, EXPENDITURES AND NET POSITION AS OF 03/31/25 Target Percentage: 25% REVENUE EXPENDITURES NET POSITION REVENUES OVER (UNDER) EXPENDITURES % OF % OF CASH FUND BUDGET ACTUAL BUDGET BUDGET ACTUAL BUDGET BUDGET ACTUAL AVAILABLE NET POSITION PROPRIETARY FUNDS Enterprise Waterworks 14,084,446 2,742,210 19% 16,093,809 2,574,198 16% (2,009,363) 168,012 1,668,877 1,836,889 Wastewater Treatment 16,164,121 2,932,422 18% 18,579,447 1,563,509 8% (2,415,326) 1,368,913 (1,030,967) 337,946 Solid Waste 2,495,429 673,547 27% 2,592,148 567,796 22% (96,719) 105,752 (509,880) (404,128) Park and Recreation 7,458,486 846,446 11% 9,183,714 1,347,110 15% (1,725,228) (500,664) (1,828,628) (2,329,292) Other Enterprise Stormwater 2,755,805 607,750 22% 3,616,281 362,480 10% (860,476) 245,270 1,094,290 1,339,560 Sunset Marina 1,361,301 0 0% 1,483,781 65,438 4% (122,480) (65,438) (637,010) (702,448) Housing & Comm. Dev. Loan - 4,549 - 173,019 127,143 73% (173,019) (122,595) 830,857 708,262 Internal Service Equipment Maintenance 4,505,805 1,151,825 26% 5,762,504 664,587 12% (1,256,699) 487,239 (197,640) 289,598 Building Amortization - 460 - - - - - 460 50,654 51,114 Engineering Fund 1,424,000 47,360 3% 1,323,608 259,146 20% 100,392 (211,786) (2,306,017) (2,517,803) Self-Insurance Fund 2,615,128 672,611 26% 2,643,983 752,777 28% (28,855) (80,167) 1,327,537 1,247,371 Employee Health Benefit 8,295,002 1,754,848 21% 8,332,761 1,557,195 19% (37,759) 197,653 475,380 673,033 Hydro-Electric Plant - - - 110,405 - 0% (110,405) - - - FIDUCIARY FUNDS Pension Trust Funds 13,827,729 2,153,463 16% 13,663,018 2,064,597 15% 164,711 88,866 (232,747) (143,881) Section 125 Cafeteria Plan 115,000 31,611 27% 115,000 44,027 38% - (12,416) 23,609 11,193 COMPONENT UNITS MLK 2,121,512 348,610 16% 2,263,613 386,682 17% (142,101) (38,072) 707,960 669,889 TOTAL CITY POSITION 155,013,464 23,027,936 15% 174,300,220 25,356,135 15% (19,144,656) (2,328,199) 39,227,190 36,514,680 Page 8 of 18  CY 2025 Budget vs Revenue CY 2025 Budget vs Expenditures CY 2025 Revenues over (under) Expenditures 60,000,000 60,000,000 25,000,000 20,000,000 50,000,000 50,000,000 15,000,000 40,000,000 40,000,000 10,000,000 30,000,000 30,000,000 5,000,000 20,000,000 20,000,000 - 10,000,000 10,000,000 (5,000,000) - - (10,000,000) General American Rescue Plan General American Rescue Plan General American Rescue Plan BUDGET 48,976,723 3,652,766 BUDGET 56,955,689 4,465,619 BUDGET (7,978,966) (165,462) ACTUAL 6,257,418 48,082 ACTUAL 10,691,503 146,990 ACTUAL (4,434,085) (98,908) % OF BUDGET 13% 1% % OF BUDGET 19% 3% CASH AVAILABLE 21,038,241 4,910,323 CY 2025 Budget vs Revenue CY 2025 Budget vs Expenditures CY 2025 Revenues over (under) Expenditures 4,500,000 6,000,000 2,500,000 4,000,000 2,000,000 5,000,000 3,500,000 1,500,000 3,000,000 4,000,000 1,000,000 2,500,000 3,000,000 500,000 2,000,000 - 1,500,000 2,000,000 (500,000) 1,000,000 1,000,000 500,000 (1,000,000) - - (1,500,000) Community/ Community/ Community/ Riverboat Capital Motor Fuel MFT Rebuild Riverboat Capital Motor Fuel MFT Rebuild Riverboat Capital Motor Fuel MFT Rebuild Economic Debt Service Economic Debt Service Economic Debt Service Gaming Projects Tax IL Gaming Projects Tax IL Gaming Projects Tax IL Dev Dev Dev BUDGET 3,820,000 - 1,550,000 - 1,101,741 3,900,184 BUDGET 4,869,250 608,826 1,963,855 354,129 1,099,616 3,836,299 BUDGET (1,049,250) (608,826) (413,855) (354,129) 2,125 63,885 ACTUAL 604,525 1,423 288,957 15,085 168,931 2,261 ACTUAL 262,403 - 119,523 - 143,602 991 ACTUAL 342,122 1,423 169,434 15,085 25,329 1,271 % OF BUDGET 16% 0% 19% 0% 15% 0% % OF BUDGET 5% 0% 6% 0% 13% 0% CASH AVAILABLE 2,092,567 (5,945) 1,002,734 1,636,351 (187,131) 249,082 CY 2025 Budget vs Revenue CY 2025 Budget vs Expenditures CY 2025 Revenue over (under) Expenditures 18,000,000 20,000,000 2,000,000 16,000,000 18,000,000 1,500,000 16,000,000 1,000,000 14,000,000 14,000,000 500,000 12,000,000 12,000,000 - 10,000,000 10,000,000 (500,000) 8,000,000 8,000,000 (1,000,000) 6,000,000 6,000,000 (1,500,000) 4,000,000 4,000,000 (2,000,000) 2,000,000 2,000,000 (2,500,000) - - (3,000,000) Self- Self- Self- Wastewater Park and Equipment Wastewater Park and Equipment Wastewater Park and Equipment Waterworks Solid Waste Insurance Waterworks Solid Waste Insurance Waterworks Solid Waste Insurance Treatment Recreation Maint Treatment Recreation Maint Treatment Recreation Maint Fund Fund Fund BUDGET 14,084,446 16,164,121 2,495,429 7,458,486 4,505,805 2,615,128 BUDGET 16,093,809 18,579,447 2,592,148 9,183,714 5,762,504 2,643,983 BUDGET (2,009,363) (2,415,326) (96,719) (1,725,228) (1,256,699) (28,855) ACTUAL 2,742,210 2,932,422 673,547 846,446 1,151,825 672,611 ACTUAL 2,574,198 1,563,509 567,796 1,347,110 664,587 752,777 ACTUAL 168,012 1,368,913 105,752 (500,664) 487,239 (80,167) % OF BUDGET 19% 18% 27% 11% 26% 26% % OF BUDGET 16% 8% 22% 15% 12% 28% CASH AVAILABLE 1,668,877 (1,030,967) (509,880) (1,828,628) (197,640) 1,327,537 Page 9 of 18  State and Local Tax Revenue Analysis Amounts in green represent pending receipt/deferred revenue Amounts in blue represent estimated receipts INCOME TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals JAN 367,878 437,377 630,442 546,071 560,022 508,358 9.1% 533,333 553,961 8.7% 8.3% 0.3% 6,420,628 20,628 Budget vs Projected FEB 273,554 301,438 273,260 323,417 363,993 307,133 14.6% 533,333 355,944 14.2% 16.7% -2.4% 6,243,239 (156,761) 6,450,000 MAR 401,782 480,640 583,783 520,527 574,679 512,282 23.7% 533,333 650,869 24.4% 25.0% -0.6% 6,360,774 (39,226) 6,400,000 APR 393,381 656,559 1,177,889 892,642 993,052 822,704 38.4% 533,333 6,350,000 MAY 243,664 576,063 346,012 418,567 425,606 401,982 45.6% 533,333 JUN 386,929 516,781 584,127 557,657 619,172 532,933 55.1% 533,333 6,300,000 JUL 529,015 290,181 300,859 366,514 413,705 380,055 61.9% 533,333 6,250,000 AUG 299,747 306,447 326,952 332,669 324,779 318,119 67.6% 533,333 SEP 434,060 556,886 598,582 643,048 693,523 585,220 78.1% 533,333 6,200,000 OCT 293,298 319,238 379,043 433,154 416,323 368,211 84.7% 533,333 6,150,000 NOV 259,667 283,977 340,093 340,322 324,988 309,809 90.2% 533,333 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DEC 413,702 505,605 552,279 591,853 678,112 548,310 100.0% 533,333 Budget Projected Annual TOTAL 4,296,677 5,231,192 6,093,321 5,966,440 6,387,954 5,595,117 6,400,000 1,560,774 REPLACEMENT TAX* Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 449,718 472,754 949,127 1,375,742 807,860 811,040 13.5% 500,000 582,078 14.6% 8.3% 6.2% 4,248,745 248,745 FEB - - - - - - 13.5% - - 14.6% 16.7% -2.1% 3,915,412 (84,588) 4,300,000 4,200,000 MAR 90,808 170,172 1,240,716 681,511 476,396 531,921 22.3% 500,000 239,834 20.5% 25.0% -4.5% 3,821,913 (178,087) 4,100,000 APR 614,926 795,139 1,466,783 1,082,721 424,914 876,897 36.8% 500,000 227,589 26.2% 33.3% -7.1% 3,716,168 (283,832) 4,000,000 MAY 393,137 1,024,717 1,965,561 1,756,698 1,027,276 1,233,478 57.3% 500,000 3,900,000 JUN - 1,751 - - 1,752 701 57.3% - 3,800,000 JUL 410,211 746,701 1,413,896 1,420,212 919,164 982,037 73.6% 500,000 3,700,000 AUG 303,587 96,708 163,176 228,976 173,194 193,128 76.8% 500,000 3,600,000 SEP 1,752 1,751 - - - 701 76.8% - 3,500,000 OCT 384,395 1,244,103 1,906,180 1,177,158 702,715 1,082,910 94.8% 500,000 3,400,000 NOV 1,752 1,751 1,752 1,752 - 1,401 94.8% - DEC 100,786 259,906 623,661 365,332 221,052 314,147 100.0% 500,000 Budget Projected Annual TOTAL 2,751,071 4,815,453 9,730,851 8,090,102 4,754,323 6,028,360 4,000,000 1,049,502 *Reported on a Cash Basis Page 10 of 18  State and Local Tax Revenue Analysis Amounts in green represent pending receipt/deferred revenue Amounts in blue represent estimated receipts SALES TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 278,096 255,140 346,453 313,478 342,904 307,214 8.4% 333,333 380,056 9.5% 8.3% 1.2% 4,046,722 46,722 FEB 214,272 231,133 279,015 289,708 311,780 265,182 15.7% 333,333 381,672 19.0% 16.7% 2.4% 4,095,061 95,061 4,120,000 MAR 295,580 215,686 262,081 286,505 317,648 275,500 23.3% 333,333 4,100,000 4,080,000 APR 234,460 312,541 321,463 349,879 359,102 315,489 31.9% 333,333 4,060,000 MAY 204,679 294,688 298,266 298,495 326,092 284,444 39.7% 333,333 4,040,000 JUN 223,029 378,951 395,497 378,897 352,321 345,739 49.2% 333,333 4,020,000 JUL 262,999 324,328 327,351 355,669 332,874 320,644 58.0% 333,333 4,000,000 AUG 243,494 282,858 273,976 331,652 329,157 292,228 66.1% 333,333 3,980,000 SEP 242,695 291,713 304,148 347,475 349,642 307,135 74.5% 333,333 3,960,000 OCT 279,871 327,133 310,966 338,147 352,880 321,799 83.3% 333,333 3,940,000 NOV 258,663 299,959 284,840 362,117 371,546 315,425 92.0% 333,333 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DEC 208,122 266,883 267,314 345,062 372,787 292,034 100.0% 333,333 Budget Projected Annual TOTAL 2,945,960 3,481,013 3,671,371 3,997,085 4,118,732 3,642,832 4,000,000 761,728 LOCAL OPTION SALES TAX* Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 204,106 192,705 298,752 273,719 261,917 246,240 8.7% 264,583 291,496 9.2% 8.3% 0.8% 3,201,913 26,913 FEB 158,508 167,662 195,231 215,708 229,447 193,311 15.6% 264,583 282,899 18.1% 16.7% 1.4% 3,220,228 45,228 3,230,000 MAR 161,677 158,315 197,108 219,272 227,733 192,821 22.4% 264,583 3,220,000 APR 158,035 244,316 249,855 253,161 269,150 234,903 30.8% 264,583 3,210,000 MAY 135,461 225,708 229,797 230,535 246,016 213,503 38.3% 264,583 3,200,000 JUN 154,627 270,847 345,855 304,410 274,574 270,063 47.9% 264,583 3,190,000 JUL 197,600 240,429 261,432 265,754 262,331 245,509 56.6% 264,583 3,180,000 AUG 172,623 217,499 234,524 251,804 253,537 225,997 64.6% 264,583 3,170,000 SEP 177,702 234,220 302,207 299,462 274,191 257,556 73.8% 264,583 3,160,000 OCT 202,557 266,957 270,095 264,971 276,796 256,275 82.9% 264,583 3,150,000 NOV 186,980 236,120 247,880 265,610 287,976 244,913 91.6% 264,583 JanFebMar AprMayJun Jul AugSepOctNovDec DEC 153,225 215,901 243,732 273,280 304,389 238,105 100.0% 264,583 Budget Projected Annual TOTAL 2,063,101 2,670,679 3,076,469 3,117,686 3,168,058 2,819,198 3,175,000 574,395 *Actual is Net amount Received from State after deduction of their Administrative Fee (2% effective 7/1/17 and 1.5% effective 7/1/18) Page 11 of 18  State and Local Tax Revenue Analysis Amounts in green represent pending receipt/deferred revenue Amounts in blue represent estimated receipts USE TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 161,181 232,115 168,786 170,068 153,861 177,202 11.8% 120,833 150,362 10.4% 8.3% 2.0% 1,479,529 29,529 1,500,000 FEB 111,610 113,802 111,935 119,063 92,080 109,698 19.2% 120,833 18,401 11.6% 16.7% -5.0% 1,377,097 (72,903) 1,480,000 MAR 96,991 101,475 108,068 109,704 103,522 103,952 26.1% 120,833 1,460,000 APR 123,378 129,728 126,746 135,699 125,759 128,262 34.7% 120,833 1,440,000 MAY 130,613 117,864 101,504 113,540 111,829 115,070 42.4% 120,833 1,420,000 JUN 145,259 108,486 115,726 112,294 107,917 117,937 50.2% 120,833 1,400,000 JUL 146,648 123,648 130,549 84,297 104,117 117,852 58.1% 120,833 1,380,000 AUG 148,290 115,151 113,942 118,794 106,991 120,634 66.2% 120,833 1,360,000 SEP 141,207 121,550 118,340 112,676 103,925 119,540 74.2% 120,833 1,340,000 OCT 147,319 121,566 133,068 132,558 120,464 130,995 82.9% 120,833 1,320,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NOV 154,360 113,346 133,376 125,062 68,748 118,978 90.9% 120,833 DEC 164,490 133,159 140,597 126,881 119,601 136,946 100.0% 120,833 Budget Projected Annual TOTAL 1,671,346 1,531,890 1,502,636 1,460,637 1,318,815 1,497,065 1,450,000 168,763 MUNICIPAL UTILITY TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 181,415 153,267 210,827 203,524 197,372 189,281 9.7% 191,667 237,306 10.3% 8.3% 2.0% 2,345,639 45,639 FEB 133,219 203,530 363,900 260,488 160,270 224,282 21.1% 191,667 180,106 18.1% 16.7% 1.5% 2,334,079 34,079 2,350,000 MAR 166,205 195,466 297,595 248,327 160,902 213,699 32.1% 191,667 2,340,000 APR 129,648 149,687 214,927 124,373 163,210 156,369 40.1% 191,667 2,330,000 MAY 100,163 127,564 151,876 140,621 113,362 126,717 46.5% 191,667 2,320,000 JUN 116,381 137,914 169,381 129,616 120,556 134,770 53.4% 191,667 2,310,000 JUL 160,496 141,668 125,192 132,463 147,539 141,472 60.7% 191,667 2,300,000 AUG 131,615 184,455 184,164 156,748 146,321 160,661 68.9% 191,667 2,290,000 SEP 208,915 146,958 144,239 132,670 125,360 151,628 76.6% 191,667 2,280,000 OCT 118,322 131,441 130,848 125,532 130,689 127,366 83.1% 191,667 2,270,000 NOV 103,061 120,522 156,421 133,067 104,602 123,535 89.4% 191,667 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DEC 171,441 281,808 225,730 166,142 187,160 206,456 100.0% 191,667 Budget Projected Annual TOTAL 1,720,881 1,974,280 2,375,100 1,953,572 1,757,344 1,956,236 2,300,000 417,412 Page 12 of 18  State and Local Tax Revenue Analysis Amounts in green represent pending receipt/deferred revenue Amounts in blue represent estimated receipts TELECOMMUNICATIONS (EXCISE) TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 54,417 38,600 39,889 37,872 37,872 41,730 8.1% 35,417 31,298 7.4% 8.3% -1.0% 420,882 (4,118) 426,000 FEB 49,357 37,981 40,443 42,202 42,202 42,437 16.3% 35,417 30,461 14.5% 16.7% -2.1% 415,926 (9,074) 424,000 MAR 46,274 42,191 37,882 40,828 40,828 41,601 24.4% 35,417 422,000 APR 52,019 42,918 40,648 40,525 40,525 43,327 32.8% 35,417 420,000 MAY 54,437 46,231 46,035 38,874 38,874 44,890 41.5% 35,417 418,000 JUN 50,580 46,061 43,690 42,526 42,526 45,076 50.3% 35,417 416,000 JUL 60,079 64,186 57,122 51,621 51,621 56,926 61.3% 35,417 414,000 AUG 51,090 43,525 44,634 31,082 31,082 40,283 69.1% 35,417 412,000 SEP 41,563 40,657 41,176 32,247 32,247 37,578 76.4% 35,417 410,000 OCT 44,828 44,123 46,169 34,228 34,228 40,715 84.3% 35,417 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec NOV 44,575 42,123 44,120 38,700 38,700 41,643 92.4% 35,417 DEC 41,558 40,627 33,690 39,744 39,744 39,072 100.0% 35,417 Budget Projected Annual TOTAL 590,777 529,223 515,498 470,448 470,448 515,279 425,000 61,759 FOOD AND BEVERAGE TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 69,717 41,928 57,676 53,329 66,398 57,810 5.8% 91,667 53,405 4.9% 8.3% -3.5% 1,061,738 (38,261) FEB 64,981 56,732 82,971 89,047 84,423 75,631 13.5% 91,667 81,856 12.3% 16.7% -4.4% 1,051,928 (48,072) 1,110,000 MAR 55,817 99,726 64,477 90,206 87,090 79,463 21.5% 91,667 1,100,000 1,090,000 APR 62,502 64,273 87,217 88,485 87,858 78,067 29.4% 91,667 1,080,000 MAY 65,769 78,357 77,643 98,585 93,134 82,698 37.8% 91,667 1,070,000 JUN 73,095 85,260 98,123 87,230 138,829 96,508 47.6% 91,667 1,060,000 JUL 78,516 71,059 84,274 89,804 90,203 82,771 56.0% 91,667 1,050,000 AUG 68,430 83,669 76,387 79,972 88,187 79,329 64.0% 91,667 1,040,000 SEP 74,737 65,923 93,880 94,402 112,361 88,261 72.9% 91,667 1,030,000 OCT 69,725 109,233 87,084 96,493 59,917 84,490 81.5% 91,667 1,020,000 NOV 62,476 68,351 104,709 83,041 103,214 84,358 90.0% 91,667 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DEC 55,342 95,128 116,409 110,766 116,559 98,841 100.0% 91,667 Budget Projected Annual TOTAL 801,107 919,639 1,030,850 1,061,361 1,128,171 988,226 1,100,000 135,262 Page 13 of 18  State and Local Tax Revenue Analysis Amounts in green represent pending receipt/deferred revenue Amounts in blue represent estimated receipts GAMING TAX Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals Budget vs Projected JAN 200,936 56,407 213,662 276,868 222,293 194,033 6.1% 318,333 290,479 7.6% 8.3% -0.7% 3,792,145 (27,855) FEB 238,505 125,116 235,561 306,622 310,490 243,259 13.7% 318,333 297,949 15.4% 16.7% -1.3% 3,771,761 (48,239) 3,830,000 MAR 270,453 260,486 292,415 349,009 336,400 301,752 23.2% 318,333 349,791 24.6% 25.0% -0.4% 3,803,219 (16,781) 3,820,000 3,810,000 APR 0 180,970 308,582 327,749 293,434 222,147 30.1% 318,333 3,800,000 MAY 449 188,004 279,962 294,643 328,098 218,231 37.0% 318,333 3,790,000 JUN 0 305,586 276,562 301,771 331,290 243,042 44.6% 318,333 3,780,000 JUL 136,588 205,701 319,160 334,970 331,503 265,584 52.9% 318,333 3,770,000 AUG 141,880 184,439 291,714 336,146 348,808 260,597 61.1% 318,333 3,760,000 SEP 232,048 320,105 298,457 327,540 291,515 293,933 70.3% 318,333 3,750,000 OCT 154,147 207,060 294,815 317,158 292,259 253,088 78.2% 318,333 3,740,000 NOV 69,880 172,241 287,161 331,970 312,295 234,709 85.6% 318,333 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DEC 47,925 335,738 967,936 634,335 316,826 460,552 100.0% 318,333 Budget Projected Annual TOTAL 1,492,811 2,541,853 4,065,988 4,138,781 3,715,211 3,190,929 3,820,000 938,219 TOTALS Current Yr - 2025 5 Year Average % of Total Targeted % Projected Variance CY2020 CY2021 CY2022 CY2023 CY2024 Average % Budget Actual Budget Benchmark % Variance Annual from Budget CY25 Totals JAN 1,967,464 1,880,293 2,915,615 3,250,670 2,650,499 2,532,908 9.7% 2,016,250 2,570,442 9.6% 8.3% 1.3% 27,017,941 347,942 Budget vs Projected FEB 1,244,006 1,237,394 1,582,317 1,646,256 1,594,685 1,460,931 15.2% 2,016,250 1,629,289 15.7% 16.7% -0.9% 26,424,730 (245,270) 27,500,000 MAR 1,585,587 1,724,157 3,084,125 2,545,888 2,325,197 2,252,991 23.8% 2,016,250 1,240,495 20.4% 25.0% -4.6% 25,442,725 (1,227,275) APR 1,768,349 2,576,131 3,994,111 3,295,234 2,757,002 2,878,165 34.8% 2,016,250 27,000,000 MAY 1,328,372 2,679,196 3,496,655 3,390,558 2,710,288 2,721,014 45.2% 2,016,250 26,500,000 JUN 1,149,900 1,851,637 2,028,962 1,914,402 1,988,938 1,786,768 52.0% 2,016,250 26,000,000 JUL 1,982,152 2,207,901 3,019,835 3,101,303 2,653,056 2,592,850 61.9% 2,016,250 AUG 1,560,756 1,514,751 1,709,468 1,867,845 1,802,055 1,690,975 68.3% 2,016,250 25,500,000 SEP 1,554,679 1,779,763 1,901,030 1,989,521 1,982,764 1,841,551 75.3% 2,016,250 25,000,000 OCT 1,694,462 2,770,854 3,558,268 2,919,400 2,386,270 2,665,851 85.5% 2,016,250 NOV 1,141,414 1,338,390 1,600,352 1,681,640 1,612,071 1,474,773 91.1% 2,016,250 24,500,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec DEC 1,356,591 2,134,755 3,171,347 2,653,394 2,356,230 2,334,463 100.0% 2,016,250 TOTAL 18,333,732 23,695,222 32,062,085 30,256,111 26,819,054 26,233,241 26,670,000 5,440,225 Budget Projected Annual Page 14 of 18 MANAGEMENT REPORT Monthly Investment Totals For March 2025 Checking IMET Net 1-3 IMET YearConvenience IL Funds FundMoney Market Money Market IMET IL Funds Sunset IMET Net 1-3 Money Investment Checking Foreign Fire MLK Convenience Money IIIT - ARPA IMET - ARPA AB&T - ARPA Marina Year Market Total Fund Market Nov-23 8,672,442 66,331 184,991 19,463 3,744,081 259,149 24,013,815 4,968,747 11,489,238 4,242,307 2,724,460 60,385,024 Dec-23 3,493,703 7,818 178,851 19,463 3,787,906 260,255 26,092,797 4,978,693 11,542,140 4,291,964 2,747,086 57,400,676 Jan-24 4,756,433 13,188 174,676 25,032 3,802,090 261,364 23,867,958 4,988,825 11,594,962 4,308,036 2,758,391 56,550,955 Feb-24 5,393,214 (87,567) 162,886 173,895 3,790,997 262,403 20,645,205 4,999,159 11,644,341 4,295,467 2,762,206 54,042,208 Mar-24 3,299,846 (307,302) 160,341 174,399 3,807,000 263,520 22,830,255 5,008,816 11,697,021 4,313,599 2,773,922 54,021,418 Apr-24 6,744,318 (333,347) 148,962 174,399 3,792,089 264,604 20,058,775 5,018,994 11,748,121 4,296,703 2,784,289 54,697,907 May-24 7,470,464 (288,948) 146,572 100,143 3,819,548 265,734 18,296,118 5,029,051 11,801,118 4,327,816 2,797,951 53,765,568 Jun-24 5,373,498 (339,667) 135,320 100,852 3,846,643 266,842 20,059,988 5,039,508 11,852,626 4,358,517 2,808,706 53,502,833 Jul-24 7,318,275 (364,556) 132,236 101,628 3,889,014 267,997 17,887,083 5,049,475 11,906,015 4,406,526 2,825,909 53,419,603 Aug-24 4,465,163 (389,798) 129,584 203,025 3,929,930 269,157 19,803,393 5,060,025 11,959,435 4,452,887 2,839,408 52,722,210 Sep-24 12,495,334 (446,660) 127,416 218,586 3,962,844 270,246 16,463,270 5,070,588 12,010,053 4,490,182 2,856,700 57,518,559 Oct-24 5,913,758 (449,909) 233,998 218,586 3,766,462 271,315 19,097,525 5,080,346 12,059,953 4,466,074 2,866,861 53,524,970 Nov-24 4,701,719 (482,470) 218,481 233,420 3,956,662 272,351 15,787,194 5,090,128 12,106,961 4,483,176 2,877,644 49,245,265 Dec-24 6,197,780 - 212,453 336,687 3,964,845 273,359 12,636,523 5,099,245 7,151,233 4,492,448 2,887,535 43,252,108 Jan-25 5,734,864 (573,616) 198,044 352,550 3,981,211 274,377 15,172,260 5,108,234 7,178,067 1,510,581 2,895,857 41,832,429 Feb-25 6,334,823 (604,831) 197,143 352,553 4,013,035 275,272 16,994,846 5,117,098 3,197,467 1,522,656 2,905,697 40,305,758 Mar-25 4,156,296 (621,810) 172,851 352,553 4,028,855 276,203 18,956,250 5,122,056 3,209,240 1,528,659 2,914,188 40,095,341 MONTHLY INVESTMENT TOTALS 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 - (10,000,000) Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 AB&T - ARPA IMET - ARPA IIIT - ARPA MLK Foreign Fire Sunset Marina Checking IL Funds Money Market IMET Convenience Fund IMET Net 1-3 Year Money Market Page 15 of 18  DISTRIBUTION OF INVESTMENTS Checking 1,528,659 2,914,188 (621,810) 4,156,296 172,851 Sunset Marina 352,553 Foreign Fire 3,209,240 MLK 4,028,855 IMET Net 1-3 Year 276,203 5,122,056 IMET Convenience Fund IL Funds Money Market Money Market IIIT - ARPA 18,956,250 IMET - ARPA AB&T - ARPA Page 16 of 18 MANAGEMENT REPORT Monthly Investment Interest Rates For March 2025 3 Mth US Treasury Bill Checking IMET Net 1-3 IMET Year Conven IL Funds FundMoney Market Money Market IMET IL Funds 3 Mth US IMET Net Money PFM - IIIT Checking Conven Money AB&T - ARPA IMET - ARPA IIIT - ARPA IHMVCU Treasury Bill 1-3 Year Market Invest Fund Market Nov-23 5.250% 4.710% 1.740% 5.040% 5.519% 5.020% 5.420% 2.950% 5.040% 5.420% 0.10% Dec-23 5.200% 4.840% 1.170% 5.020% 5.402% 5.290% 5.370% 3.400% 5.020% 5.370% 0.10% Jan-24 5.220% 4.730% 0.370% 5.020% 5.392% 5.380% 5.350% 3.440% 5.020% 5.350% 0.10% Feb-24 5.250% 4.740% 0.080% 5.000% 5.399% 5.410% 5.340% 3.600% 5.000% 5.340% 0.10% Mar-24 5.230% 4.730% 0.042% 5.000% 5.403% 5.480% 5.340% 3.610% 5.000% 5.340% 0.15% Apr-24 5.250% 4.730% 0.000% 5.020% 5.422% 5.500% 5.330% 3.610% 5.020% 5.330% 0.15% May-24 5.250% 4.760% 0.000% 5.050% 5.452% 5.520% 5.330% 3.620% 5.050% 5.330% 0.15% Jun-24 5.220% 4.759% 0.000% 5.100% 5.433% 5.540% 4.950% 3.610% 5.100% 4.950% 0.10% Jul-24 5.150% 4.724% 0.000% 5.110% 5.382% 5.550% 4.950% 3.670% 5.110% 4.950% 0.10% Aug-24 4.980% 4.780% 0.000% 5.090% 5.373% 5.550% 5.300% 3.640% 5.090% 5.300% 0.10% Sep-24 4.520% 4.305% 0.000% 4.660% 5.009% 5.550% 5.160% 3.670% 4.660% 5.160% 0.10% Oct-24 4.440% 4.244% 0.000% 4.660% 4.957% 5.460% 4.890% 3.670% 4.660% 4.890% 0.10% Nov-24 4.390% 4.037% 0.000% 4.450% 4.797% 5.360% 4.740% 3.540% 4.450% 4.740% 0.10% Dec-24 4.230% 4.195% 0.000% 4.250% 4.688% 5.260% 4.610% 3.440% 4.250% 4.610% 0.10% Jan-25 4.200% 4.120% 0.000% 4.250% 4.556% 5.170% 4.420% 3.390% 4.250% 4.420% 0.15% Feb-25 4.200% 3.908% 0.000% 4.250% 4.504% 5.110% 4.390% 3.380% 4.250% 4.390% 0.15% Mar-25 4.210% 3.999% 0.000% 4.260% 4.436% 5.030% 4.340% 3.640% 4.260% 4.340% 0.15% MONTHLY INTEREST RATE 6.000% 5.000% 4.000% 3.000% 2.000% 1.000% 0.000% Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 3 Mth US Treasury Bill Checking IMET Net 1-3 Year IMET Conven Fund IL Funds Money Market Money Market AB&T - ARPA IMET - ARPA IIIT - ARPA IIIT - ARPA IHMVCU Page 17 of 18  3.81% PERCENTAGE OF INVESTMENTS American Bank 8.00% 22.02% IHMVCU 7.27% IL Funds 0.88% IMET 10.74% AB&T - ARPA IIIT - ARPA IMET - ARPA 47.28% Page 18 of 18