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Finance director briefs commission on September financials, SRF surcharges and sales-tax trends
Summary
Finance staff provided a September update (74.8% through the year) showing cash-on-hand, the implementation of drinking- and clean-water SRF surcharges on October bills, and a year-to-date sales-tax decline of 1.9%; staff said the city has $10.62 million in cash on hand and is monitoring sales-tax volatility.
Amy and Jamieson presented the city's September finance update to the commission, covering cash balances, SRF surcharges and sales-tax receipts.
Amy reported cash on hand of $10,620,000 (investments $4,140,000; checking $5,650,000; money market $574,000; other $251,000) and noted restricted cash of $636,000. She said the drinking-water and clean-water State Revolving Fund (SRF) surcharges were implemented on October utility bills and that staff provided an eight-page public information document and social-media messaging to explain the change. Amy said public inquiry volumes were lower than expected and that the billing presentation broke out surcharges separately for transparency.
Jamieson highlighted sales-tax volatility: month-to-month comparisons are volatile and September showed a 23.73% dip year-over-year, but the year-to-date total sales tax is down 1.9% overall. He recommended focusing on total-year performance rather than single-month fluctuations and said staff was monitoring the pattern.
Amy noted several items for carryover or future appropriation: the sportsplex roof and other 2025 projects that will extend into 2026, and that the city hall construction fund will need an end-of-year appropriation reconciliation. She said staff will present appropriations at the next meeting as needed.
The commission thanked staff for the work on the budget and finance materials.
