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Finance director updates council: public safety fee revenue, water plant financing closing
Summary
Finance Director provided a quarterly financial report, projecting roughly $384,000 from a new public safety fee, updating utility receivables, and saying water treatment plant financing is scheduled to close at the end of the month.
Mister Moon, Finance Director, presented a quarterly financial update to the Independence City Council on Jan. 28 that covered the newly adopted public safety fee, utility collections, the failed local option levy and the status of water treatment plant financing.
"We expect, as a result of that, to collect about $384,000 this fiscal year from that public safety fee, which is all earmarked for the police department," Moon said, contrasting that amount with the police department's operating budget. "The police department's operating costs for the 2425 fiscal year are coming in around 3,400,000.0. This public safety fee comes in at just under 400,000, so that still leaves ... 3,000,000 coming from the general fund."
Why it matters: the public safety fee will offset only a portion of the department's budget; council must account for remaining general-fund support while preparing the coming year's budget.
Moon also reported on utility rate revenue trends and accounts receivable: staff are monitoring month-to-month collection rates and did not identify concerning departures from last year's pattern. He confirmed the city is working through options after the local option levy did not pass. "The library is running status quo, projected to do so through the end of the fiscal year," he said, and the museum is operating under the curator after the director's departure.
On financial close: Moon said the water treatment plant financing is scheduled to close Thursday, Jan. 30. "Papers will get signed, money will get wired, and we'll be all set to ... move forward as needed with that," he told council.
Councilors asked when staff would present funding options tied to the failed levy (particularly for library and parks programs). Assistant City Manager Irvine and City Manager West said staff are preparing scenarios and that a work session on funding options is expected in early to mid-February; councilors were asked to provide input in time for budget preparation.
Ending: No formal action was taken on the financial report; council tasked staff to return with options and to continue monitoring utility trends, audits and the closing of the water plant financing.
