Olivette City Council reorganizes, names Sydney Clark mayor; reviews budget shortfall and appointments

The Olivette City Council met April 22 at the OIivette City Center Chamber and completed its annual reorganization, selecting Sydney Clark as mayor and Maxine Weil as chairman pro tem, while approving several appointments and receiving financial and staff reports.

The council accepted a nine-month financial checkup presented by Mister Mann that showed revenues about $308,000 below budget, expenses about $200,000 below budget, and a net unfavorable variance of $108,000. Mann told the council the city remains in compliance with its reserve policy, holding about $3,300,000 (approximately 50% of this year's budgeted expenditures). He said sales-tax receipts have trended down since September or October, property-tax collections are complete and expected to align with budget after protests are resolved, and permit revenues are lower largely because one anticipated commercial permit has not yet occurred. "This is not anything we've not talked about for the last six months," Mann said.

At the same meeting Mann also presented the quarterly investment report, noting declining interest rates and describing the city's use of rolling CD ladders and short-term liquidity to manage income and cash needs. He said several CDs are…