The Rapid City Legal & Finance Committee meeting on October 30, 2024, focused on several key financial updates and decisions impacting the city.

The committee began by reviewing the August 2024 sales tax records, reporting a 3.45% increase in the general 2% sales tax compared to August of the previous year. For the first eight months of the year, sales tax revenue is up 3.16%. Notably, the tourism tax saw a significant rise of 12.81% in August, although some of this increase was attributed to late tax filings from hotels in July.

Next, the committee discussed the September treasury and general fund update. The total cash on hand is reported at approximately $208.2 million, with 77.8% of this amount invested in various financial vehicles. However, the general fund currently shows a negative cash balance of $2.3 million, which is expected to improve once property tax revenues are received in November.

The meeting also addressed several administrative items, including the declaration of surplus property, specifically the trade-in of nine weed trimmers by the cemetery department. Additionally, the committee approved an abatement for a mobile home that was sent to the landfill, resulting in a tax reduction for that property.

Further, the committee approved a $39,000 Community Development Block Grant (CDBG) contract with Volunteers of America, aimed at supporting local initiatives. Another significant approval was for a Senate Bill 168 grant of $43,491.40, designated for the police department to fund a high-risk youth coordinator position.

The committee concluded with a motion to approve items two through eight, which passed unanimously. The meeting highlighted the city's positive financial trends and ongoing support for community programs.