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Council hears quarterly financial and investment reports showing stable revenue and cash position
Summary
City staff presented the quarterly financial and investment reports through Dec. 31, 2024, showing sales-tax increases year-over-year and a growth in cash-on-hand and TexPool balances; staff expected revenues to track budget through the year.
City staff presented quarterly financial and investment reports on Feb. 3 showing the city’s revenues and cash position through Dec. 31, 2024. The finance director summarized sales-tax and property-tax trends, general-fund and enterprise fund expenditures relative to budget, and the city’s investment holdings.
Staff noted that sales-tax receipts are seasonal and lag by two months; through two months of the fiscal year staff reported sales-tax collections up $141,000 (about 4.8% of the current year budgeted revenue) but cautioned December receipts were not yet posted. Property-tax receipt totals to date were described as in line with budget (about $1.2 million received, roughly 20% of the total budgeted property-tax revenue). General-fund expenditures were about 22.8% of the annual budget at the reporting date and enterprise-fund expenditures about 19.3%—both described as in line with expectations for the first quarter.
On investments, staff reported cash-on-hand increased from roughly $2.9 million in October to about $3.5 million in December and described the city’s use of TexPool (the Texas local government investment pool) and securities holdings. The staff presentation noted that the TexPool position (about $114 million as reported in transcript remarks) reflects grant and bond proceeds set aside for capital projects; securities holdings and maturities were discussed and staff said the TexPool balance is liquid and can be accessed as needed.
Ending: The presentation was informational; council members were invited to contact finance staff with follow-up questions outside of a council meeting.
