Financial and Operating Report
March 2025
Financial Overview
1. General Fund
Revenue Analysis:
• Total General Fund revenues are trending 1.82% above budget and approximately $800,000 higher than FY 2023-2024.
• Sales tax is currently down 3.06% from budget and is down 2.5% compared to the same period in FY 2023-2024. Sales tax continues to be an area we are currently keeping a close eye on. By business activity month, the City has experienced a decrease in growth of 0.7% from February 2024 through January 2025. Total retail sales over the past 12 months are $2,408,076,931, or a decrease of about $18M from January 2024 Regional inflation ticked higher for the 4th month in a row, up to 3.4% over the prior 12-month period.
Sales Tax Growth by Business Activity Month
• March is the second full month for Use Tax receipts after achieving the amounts set aside for Health & Animal Services and the Police Use Tax Funds. General Fund Receipts are $866,793 compared to $974,727 through the March 2024 financials. Much of this decrease appears to be mostly due to timing of payments being made to the Missouri Department of Revenue and then remitted to the City compared to last year and not an actual decrease in taxable sales. YTD total receipts for the 1% general use tax are within $107,000 of the prior year.
• Use Tax has seen an annual growth rate of 5.5%, compared to an annual growth rate of 38.9% in January 2024. As the Use Tax chart shows, December 2023 is the peak of the tax receipt growth rate and true trends will begin emerging moving forward.
Use Tax Growth by Business Activity Month
Independence
• Overall, the General Fund is expected to remain above the 16% minimum unassigned fund balance requirement at year end.
Expenditure Analysis:
Several areas of General Fund budgets are tracking above budget:
• City Clerk increased expenditures are mostly due to higher than anticipated costs related to elections.
• City Manager currently exceeds budget estimates, however will be updated to accurately reflect budgeted employee allocations.
• Community Development has significant expenses associated with the KCATA contract in January. Costs will level off in the remainder of the year.
• Police Department expenditures are offset by the $1,035,143 transfer in from ARPA funds and will be offset by revenues collected in the Prop PD Sales Tax Fund.
• Fire Department expenditures are mostly attributable to overtime-related expenditures.
2. Sales Tax Funds
a. Revenues - All special sales tax funds either meet or exceed budgeted revenues except for the Police Public Safety Sales Tax Fund which is 73.35% of totals revenues (expect 75.00%). It is expected that budgeted revenues will be met by year-end.
b. Expenditures – All special sales tax funds below budgeted expenditures except for the Police Public Safety Sales Tax fund which is at 75.89% of expenditures (expect 75.00%).
3. Use Tax Funds
a. Revenues for both the Police Use Tax and Animal Shelter Use Tax have essentially been met for the year, as is expected.
b. Expenditures – Police Use Tax is exceeding the expected budgeted amount year-to-date but is related to the increased salaries and will be reimbursed from the Police Prop P Sales Tax at yearend.
4. Property Tax Levy Funds
a. Revenues for both Property Tax Levy Funds are trending above budget. Actual property tax receipts are lagging to budgeted amounts due to claw-backs for taxes already paid.
b. Expenditures – Expenditures in the Health Property Tax Levy are trending below budget. Parks and Rec Property Tax Levy are trending slightly above budget.
5. Tourism
a. Revenues – trending slightly above budget.
b. Expenditures – trending below budget.
6. Enterprise Funds
a. Revenues – all three utility funds are trending at or above budget.
b. Expenditures – all three utility funds are trending below budget.
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule General Fund For the period ended March 31, 2025
Financing Uses:
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Street Improvements Sales Tax Fund For the period ended March 31, 2025
Expenditures:
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Park Improvements Sales Tax Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Storm Water Sales Tax Fund For the period ended March 31, 2025
Expenditures:
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Police Public Safety Sales Tax Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Fire
Sales Tax Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Marijuana
CITY OF
INDEPENDENCE, MISSOURI
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Animal Shelter Use Tax For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Police Use Tax For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Health Property Tax Levy For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Parks and Recreation Property Tax Levy For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI Budgetary Comparison Schedule Tourism Fund
For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Independence Square Benefit District
For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Community
Block Grant Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule License Surcharge For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Grants
For the period ended March 31, 2025
Revenues:
Expenditures:
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule American Rescue Plan (ARP) For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Power and Light For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Power and
Power and Light - Open Capital Projects As of March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Water For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Water
Water - Open Capital Projects As of March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Sanitary Sewer For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary
Sanitary
Sanitary Sewer - Open Capital Projects As of March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Events Center Debt Service For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Central Garage
For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Staywell Health Care For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Workers' Compensation For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Risk Management For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Finance & Support Services
For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Finance & Support Services Capital Project Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Debt Service - Neighborhood Improvement Districts For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Street Improvements Capital Project Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Fire Improvements Capital Project Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Revolving
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Buildings and Other Improvements Capital Project Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Park Improvements Capital Project Fund For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Independence Events Center CID For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Crackerneck Creek TDD For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Hub Drive CID For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Hub Drive TDD For the period ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Tax
Financing Summary For the Period Ended March 31, 2025
CITY
OF
INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Santa Fe TIF
For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Eastland TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Crackerneck Creek TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Old Landfill TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Trinity TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule HCA TIF
For the Period Ended March 31, 2025
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INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Cinema East TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
23rd & Noland Project 1 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
23rd & Noland Project 2 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
23rd & Noland Project 3 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule 23rd & Noland Project 4 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Independence Square TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule I-70 & Little Blue Parkway Project 1 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
I-70 & Little Blue Parkway Project 3 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Marketplace Project 1 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Marketplace Project 2 TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Hub Drive TIF For the Period Ended March 31, 2025
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
TIF