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Finance report: Q1 timing boosts interest income; wastewater treatment plant funding and expenditures detailed
Summary
City CFO reported timing-related variances that made Q1 results appear favorable, reviewed sales-tax trends and gave an extended report on wastewater-treatment-plant funding: project funding mix, grant/reimbursement timing, expenditures to Burns and Mac, bond proceeds, and cash on hand.
The city’s chief financial officer told the council the first-quarter financial results reflect timing differences in revenue and spending, and provided a detailed update on the wastewater-treatment-plant project and the city’s cash position.
"From an actual versus budget perspective on both revenue and expenses, we're better than budget at this point in time," Bob Ford, the city’s chief financial officer, said, cautioning that the result is driven by timing. He said interest income is higher because cash from large capital projects has remained in the bank longer than expected and that personnel savings reflect positions not yet filled.
Ford gave a multi-page presentation…
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