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Finance committee reviews investment update, fund reports and 2026 budget timeline
Summary
Committee received an update on cash and investment balances, discussed negative balances in two funds attributable to unapproved appropriations, and was told the mayor will present the proposed 2026 budget for adoption consideration on Oct. 13.
The Finance Committee reviewed the city’s recent investment and fund reports on Sept. 22 and discussed several cash and appropriation items ahead of the 2026 budget process.
City finance staff reported roughly $8 million of general-fund cash in money-market accounts and about $23.3 million held in Treasury securities. Staff said two recent Treasury maturities—$2.5 million and $5 million—were reinvested in three $2.5 million Treasury notes. Staff also told the committee that some construction and project funds are sitting in trustee-held money-market accounts, at Huntington, earning lower yields than fixed-income securities would provide if yields were locked in now.
The committee discussed two funds appearing with negative appropriation balances. Staff explained those negatives are likely a timing and appropriation issue: cash exists for the expenditures but formal appropriations were not yet recorded. Finance staff said department directors are compiling additional appropriation requests and that the administration expects to bring adjustments or fund transfers to council for formal action before the end of the year.
On nonreverting funds, staff noted forecasting sponsorship revenue is inherently uncertain and recommended estimating revenues for budgeting purposes and requesting supplemental appropriations when actual receipts materialize.
Marla, the city finance official, asked the bank to prepare a one-page investment report template with charts and comparative data. She also said she previously trusted trustees to hold proceeds in money-market accounts and welcomed help producing clearer monthly reporting. “We still have just about $8,000,000 of general fund dollars invested in the money market,” staff told the committee, and Marla confirmed the administration would coordinate with treasury contacts and council members on preferred reporting formats.
Other finance items: food-and-beverage and event-related revenue questions arose in relation to Grand Park Diamond escrow funds; staff described that account as effectively dormant and said event vendors retained event revenues under the applicable permits. Committee members also discussed rising year-over-year general-fund revenues (staff cited about 35% growth compared with the prior year) and noted higher-than-planned spending in services and consulting lines, in part because of added audit and consulting agreements.
On the 2026 budget timeline, staff said the mayor would present an overview of the proposed budget at the council meeting that evening and that a public release summarizing highlights would be posted at 4 p.m. The administration indicated the proposed budget would be up for adoption at the council meeting on Oct.13. Staff warned that the proposed budget release does not lock the administration into that proposal; council deliberation and amendments will follow.
The committee approved the meeting minutes from July 28, 2025, and adjourned after the investment and budget-discussion items. Staff said they will continue refining monthly investment reporting with Huntington and provide additional appropriation requests and fund transfers to the council as needed.
