In a recent government meeting, the Finance Officer presented a comprehensive financial report highlighting significant shifts in the city’s fiscal landscape. The report, which covers data through October 30, revealed a notable reversal in fund performance compared to previous years. Traditionally profitable funds are now showing losses, while those that previously incurred losses are now gaining.

The general fund, additional sales tax fund, business improvement district fund, capital improvement fund, water fund, and wastewater fund all reported deficits. Collectively, the city has experienced losses exceeding $2.2 million year-to-date, attributed largely to ongoing major projects. The Finance Officer indicated that these discrepancies would be addressed in the upcoming supplemental appropriation and contingency transfer resolutions scheduled for the second meeting in November.

Additionally, the cash balance report indicated a decrease of approximately $2.4 million since the start of the year. Investment strategies were discussed, including the rollover of the Evans Fund Mineral Springs Debt Service Reserve into a US Treasury Bond at a rate of 4.29%.

The meeting also covered the results of a recent surplus auction, which yielded $24,245 from the sale of 144 lots. The Finance Officer noted a minor issue with two golf course items that were misassigned but confirmed that the proceeds had been successfully collected.

Lastly, the Finance Officer provided an update on unclaimed property reporting, revealing four unclaimed water deposit refunds totaling $141.86 due to the inability to contact former residents. The renewal of the city’s System for Award Management (SAM) registration was also mentioned, emphasizing its importance for maintaining eligibility for federal financial assistance.

Overall, the meeting underscored the city's financial challenges and the proactive steps being taken to address them as the year draws to a close.