Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance Sales Tax Cash Position topic
No spam. Unsubscribe anytime.
CFO reports stronger sales and use tax receipts, cautions about restricted funds and PWA cash
Summary
The city—s CFO reported sales tax collections and use tax above the prior year and above conservative budget estimates, but presented a breakdown showing restricted and council‑committed funds that leave relatively limited uncommitted cash for operating needs in some utilities.
The city—s chief financial officer presented the quarterly financial report on April 21, reporting year‑to‑date increases in sales and use tax and a careful breakdown of the city—s cash position and restrictions.
The CFO said year‑to‑date sales tax is up about 18% and use tax up about 21% over the prior year, driven in part by ongoing construction projects. "Year to date, sales tax up about 18%, use tax up 21%. So those are those are good numbers over the prior year," the CFO said.
The CFO also described a new cash presentation that separates unrestricted funds from council‑committed funds and donor or grant restrictions. While the city—s total cash balances may appear large, the CFO stressed a substantial portion of those funds are committed or restricted. For the Public Works Authority (PWA) the CFO said uncommitted cash is about one month—s operating expenses, while the general fund retains several months of uncommitted cash but also carries near‑term transfers related to grant reimbursements.
Ending: The CFO and city manager said they will produce periodic six‑month or annual comparisons for council review (for example, to measure the early effect of recently changed water rates) and will continue to provide cash‑position detail to support budget decisions.
