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Finance director reports $22M on hand, banking RFPs narrowed and tax budget due to county
Summary
The city had a little over $22 million in combined funds at the end of August, the finance director told the Finance Committee, and roughly $21 million of that total was invested at an average weighted rate of 4.433%.
The city had a little over $22 million in combined funds at the end of August, the finance director told the Finance Committee, and roughly $21 million of that total was invested in short- or long-term instruments at an average weighted yield of 4.433%.
Key numbers: The finance director said the general fund balance was $12,800,000, of which $11,000,000 was unencumbered; $5.8 million of the total $22 million was encumbered for outstanding purchase orders, leaving an unencumbered combined balance the director reported as about $16,700,000. The director also said about 99% of property-tax receipts for the year are in, and income-tax collections are at about 69.5% of the annual forecast (the city had budgeted to be roughly 67% through eight…
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