City Treasurer (name not specified) reported to the council on Aug. 19 that the city’s combined cash across funds was $9,371,000 and that investment interest year-to-date was about $297,000.
The treasurer told the council that for June the general fund recorded $318,000 in revenues and $601,000 in expenses, producing excess expenses of roughly $282,000 for that month. She said year-to-date revenues for the nine months through June were $5,427,000 and that the city was showing excess revenues of $739,000 for that nine-month period.
On the tax rate, the treasurer informed the council that the 2024 tax rate was 0.4617 and that the maximum rate that could be assessed for 2025 is 0.47805 — an increase the treasurer described as 3.54% over 2024. She said the city will hold a public hearing on the tax rate on Sept. 16 and that the council will discuss and set the rate at that hearing.
The treasurer provided additional details on investment accounts and interest: Texas CLASS holdings totaled about $9,094,000 at an earning rate she read as 4.44%, and the sweep account held roughly $99,000.
There was no formal vote to set a rate at the Aug. 19 meeting; the report announced the public hearing date and presented financial statements and an investment summary for council acceptance.
Ending: Council placed the tax-rate discussion on the schedule for Sept. 16; the meeting will include a public hearing and, at that hearing, the council may set the rate.