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Hermiston presents June financials, capital project updates and July investment report
Summary
City staff reported June 30 financials showing revenues above projection, several capital projects moving into design or construction, and a quarterly investment report showing $16 million in the state LGIP and $9.8 million in other securities.
Hermiston — At its July 28 meeting the City Council received the June 30 fiscal report, capital-project updates and the city’s first quarterly investment report in the current presentation format. Finance Director Palacios reported monthly revenues exceeded budgeted projections by roughly $1 million (about 5 percent) for the fiscal year through June 30, driven by higher building-permit revenue, franchise fees and some grant receipts. On a budgetary basis, monthly expenditures were under projection by about $1.6 million. Utility funds showed a one-time septic-related receipt from AWS still partially outstanding. Palacios said the Transient Room Tax (TRT) transfers are technically over budget because collections exceeded the year’s estimate; ordinance…
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