Midway finance director reports year-end cash position; impact-fee balances and surplus noted

Midway’s finance staff presented quarterly financial statements covering April through June and summarized the city’s cash position and impact-fee balances.

The city’s cash balance across funds was reported as $24 million, of which roughly $5 million is restricted and about $19 million unrestricted. Staff said that unrestricted cash includes water-fund balances and estimated that 10–14 million of the total cash is in the water fund. The general fund outperformed projections by roughly $200,000 in revenue and underspent budgeted appropriations by about $1 million, meaning staff expect a transfer of some unspent funds to capital projects.

Impact-fee balances were reported with specific notes: park impact fees are overspent by about $58,000 (which staff said is allowed), trails have about $28,000 remaining, transportation impact fees total about $831,000 and water impact-fee balances were reported at about $117,000. The city’s souvenir shop required a transfer of about $19,000 from the general fund this year.

Councilmember questions included whether any fees were at risk of aging past statutory windows; staff said none were in jeopardy. The finance presentation in the packet included a note that the quarterly statements are preliminary and not yet the final audited financial statements.

Staff said the accounting firm hired by the city prepares the quarterly and annual financial statements and that the final audited statements will be available upon completion of the audit.

No action was required of the council on the report; staff said they will continue to monitor reserves and capital funding needs.