Town Council receives financial update | SierraSun.com
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Town Council receives financial update

Truckee got some good news about its finances this week.

Truckee Town Council was given a financial update at its Tuesday meeting, receiving a quarterly report on operating revenues and expenditures from the general fund for the second quarter of the 2021-22 fiscal year.

Truckee received $7,182,588 in its first of two property tax installments of the fiscal year. Truckee is projected to receive roughly $13 million for the entire year — $321,000 more than what was budgeted.



Truckee is also projected to collect $1 million more than what was budgeted for sales taxes, and is on track to collect $6.37 million for the year, according to the report. Sales tax represents the second largest source of revenue for the town’s general fund.

Staff indicated that it has yet to finish analyzing second-quarter transient occupancy tax collections. Transient occupancy taxes generated $1.94 million during the first quarter, which was up 14% compared to the first quarter of the 2020-21 fiscal year. Transient occupancy taxes are expected to generate $4.8 million this fiscal year, and represent approximately 13% of the town’s general fund revenues.



General fund expenditures are similar to prior years, according to the report.

The projected cash available for the fiscal year is $11.3 million. As part of the budgeting process, staff created a five-year projection for the general fund.

“These are just projections,” said Nicole Casey, administrative services director. “We really only have preliminary data so I don’t want everyone to get too excited, but this is good news.”

Based on updated sales tax and transient occupancy tax projections, the projected cash available in the general fund for fiscal year 2025-26 increased from $4.5 million to $8.2 million.

“As a town, we’ve really prioritized fiscal conservatism and we’re continuing on that track,” said Mayor Courtney Henderson.

Justin Scacco is a staff writer with the Sierra Sun. He can be reached at jscacco@sierrasun.com


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