Council accepts third-quarter financial report; staff notes fund balance increase

Finance staff presented the third-quarter financial report for the period ending June 30, 2025, and the City Council accepted the report and approved accompanying budget amendments (Resolution R‑25‑27). Key numbers highlighted by finance staff: ad valorem tax collections were reported at about 99% of budgeted amount; sales tax receipts were running roughly 3–4% above the comparable period; overall revenues were 74% of budget while expenditures were 69% of budget through the quarter. Staff also reported a net increase to fund balance during the quarter of approximately $1,480,000 driven by project closures, and noted $74,000 was drawn from the R&R fund. Staff described a recent cash-management change that moved a large sum from Seacoast Bank (rate ~1.15%) into the Florida PRIME/Florida Class investment pool to obtain higher returns; staff said daily liquidity is preserved. Council voted to accept the report and the listed budget adjustments.