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Treasurer urges conservative interest projections, flags restricted 1% tax administration fee
Summary
The treasurer reported strong investment income last year but recommended lowering projected interest revenues and warned that the 1% tax administration fee is a restricted revenue source; council agreed to lower the interest projection and to review interfund timing.
The treasurer presented the treasury office personnel and revenue pages and urged the council to adopt more conservative interest-income projections for the next fiscal year.
The treasurer told the council that recent investment returns have been strong: "Last year we made over a million and a half," she said, reporting roughly $1.5 million in investment income in the last fiscal year. She cautioned, however, that much of the city’s invested cash is constrained by interfund timing and cash-flow needs and that general-fund money is…
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