Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council approves consent agenda; finance director outlines March finances, EDC balances and telecom franchise history
Summary
The council adopted the consent agenda (minutes, March financials, quarterly investment report). The finance director reported general fund year-to-date revenue exceeding expenses, EDC balances in TexPool and PlainsCapital, and noted House Bill 1777 standardized telecom franchise-fee calculations.
Hollywood Park — Council approved the consent agenda, including the minutes from the April meeting, acceptance of financial statements as of March 31 and the quarterly investment report.
The finance report provided month- and six-month figures: March revenues in the general fund were reported at $207,000 and monthly expenses of $433,000, producing a net negative for the month; for the six months ended March 31 the finance director reported total general-fund revenues of $4,471,000 and total expenses of $3,215,000, yielding excess revenues of roughly $1,250,600 for the six-month period.
The finance director reported combined cash balances across accounts of approximately $9,385,000 as of March 31, with interest rates described as 4.44% in Texas CLASS and 2.85% in the PlainsCapital sweep account. The EDC fund balance was described as roughly $754,000 in Texas CLASS with PlainsCapital holdings and receivables noted.
Staff discussed a state statute passed in 1999 (House Bill 1777) that standardized how telephone companies calculate franchise fees to cities; the finance director listed local payers (Matrix Telecom, Southwestern Bell/AT&T, MET Telephone, Granite Telecom) and said the franchise fee revenue is collected for use by the city.
Council discussed over-budget line items: police workers' compensation, police phone allowance (some charges reallocated to seizure fund), crime-lab expenses offset by opioid funds, public works incentive pay overages tied to a former director's lump-sum payout, and Parks & Rec supplies related to the volunteer fire department memorial. The finance director said budget amendments will be brought next month to record some of those changes and to move reserves when needed.
The consent agenda motion passed by voice vote.
