Mount Pleasant reports steady finances; council accepts quarterly investment report

City staff presented the city’s monthly financial report for the fiscal period ending March 31, 2025, noting year-to-date general fund revenues at 58.9% and general fund expenditures at 47.8%, and told council the utility fund is roughly on budget.

Council also voted unanimously to accept the quarterly investment report required under the Public Funds Investment Act (Texas Government Code, chapter 2256). The report showed total interest earnings of $639,474.65 for the quarter and a fiscal year-to-date interest total of $1,385,293.08, with earnings distributed across multiple city funds.

Finance staff member June told the council general fund revenues were “right on track,” and said property tax collections were on schedule. Sales tax receipts were about 4.45% below budget year-to-date but staff described that shortfall as manageable. June said the utility fund revenues were at 49.9% year-to-date and expenses at 47.4%, and that the city’s combined funds showed roughly $470,000 in net excess.

The quarterly investment report, which staff said is required by the city’s internal investment policy and by the Public Funds Investment Act, itemized interest by account type: guaranteed bank accounts earned $43,414.14 for the quarter; local bank or investment accounts earned $539,007.45; Texas-range accounts earned $30,533.70; and a taxable investment account earned $26,499.36.

Council member Hagman moved to accept the quarterly report; Council member Corbell seconded the motion. The secretary recorded the vote as unanimous.

Council members asked for follow-up on one revenue source: the landfill and whether recent contracts or one-time deliveries continue to produce revenue for the city. Staff said they would look up the revenue line and report back to council.

No changes to the budget were adopted at the meeting; the council closed the item after accepting the report.