CVTA staff reports progress on working capital reserve, interest earnings ahead of FY24
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Summary
CBTA staff reported the authority's working capital reserve is growing toward its $18 million goal and that interest earnings for FY25 are above FY24 levels, with November tax receipts showing an uptick.
At the March 28 meeting staff provided the authority with regular finance and investment updates showing progress toward the authority’s working capital reserve target and stronger interest earnings year to date.
"Our required amount to our goal for the working capital reserve is $18,000,000, and we are already currently at $12.03 million," said Mr. Carlson, the staff presenter, noting the update follows a refreshed reporting format. Carlson said the authority is tracking allocations to the working capital reserve and additional interest income being added to that balance.
Staff also highlighted November tax activity that produced higher receipts and outflows and said FY25 interest earnings remain ahead of FY24 by just under $1 million. The investment portfolio continues to follow the authority’s short-term investment pattern and staff said they remain in regular communication with the fiscal agent in Chesterfield County.
No budget appropriations or funding commitments were approved at the meeting; staff said the portfolio remains flexible so funds can be committed when project needs arise.