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City financial report shows positive year‑to‑date balance; pension reserve moved to KLC investment fund
Summary
Finance staff told council on Jan. 21 that December financials show a positive year‑to‑date position, routine quarterly transfers to capital have been made, and $1,000,002 from the pension reserve was invested in the Kentucky League of Cities investment fund.
City finance staff presented the December financial report to Hopkinsville City Council on Jan. 21 and reported that year‑to‑date revenues exceeded expenses and that the city moved pension reserve funds into the Kentucky League of Cities (KLC) investment fund.
Melissa Clayton presented month‑and‑year figures and described interfund transfers, revenue collections and departmental spending through six months of the fiscal year. Clayton said there were no interfund transfers in December and that year‑to‑date payroll tax collections and other revenue lines were running ahead of budget in some categories and behind in others. “We did not have any interfund transfers for the month of December,” Clayton said.
Clayton said the city has completed two quarterly transfers to capital so far in the fiscal year and that, after accounting for encumbrances, the unassigned cash fund balance was about 40.5% of the adjusted operating budget. She also reported that the city invested $1,000,002 from the pension reserve into the KLC investment fund in December and that the investment will be reported monthly as required by the city’s investment policy.
Council members asked about timing for returns from the KLC investment fund and Clayton replied she hoped to have results to report the following month and reiterated the council will receive monthly updates. The report included municipal road aid, capital fund encumbrances and department‑by‑department percent‑spent statistics.
No formal action was requested of council from the financial presentation; Clayton invited questions and provided the department‑level spending percentages and cash balance detail for council review.
