The Wichita City Council received a report regarding the city's finances for the first quarter of 2023.
City Treasurer Mark Manning said the results continue to track favorably with expectations. Strong general fund revenue growth continues, thanks mostly to interest earnings and franchise fees. Sales tax revenue also exceeded expectations during the first three months of the year.
While the short-term trends are positive, the longer-term outlook is less favorable as growth is forecast to slow. Expenditures are forecast to accelerate in the future, based on increased costs of wages and materials.
Interest earnings are forecast to drop in 2025 and revenues will moderate. Manning says the trends are manageable in the short-term but will be more challenging down the road.