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Commission hears finance report: license-plate revenue, interest income and project spending
Summary
City finance staff reported midyear fiscal figures for the Centennial fund, including $445,576 received in one quarter of license-plate revenue, about $126,000 in interest income through six months and $712,000 spent on projects to date.
City of Las Vegas finance staff told the Commission for the Las Vegas Centennial on Jan. 27 that Centennial accounts are six months into the 2025 fiscal year and show a mix of incoming license-plate revenue, interest and program spending.
Paul Bresnahan of the finance department said license-plate revenue received to date totals $445,576 for one quarterly payment; a second quarterly payment was not yet received. Interest income on Centennial funds held in a separate account totaled about $126,000 through the first six months (about $21,000 per month). “You have about $9,500 in YouTube revenues,” Bresnahan added, and total revenues through six months were summarized as $581,000 with $445,000 due from the DMV at the time of the report.
Bresnahan said program expenditures through the same period were $712,000, leaving a project balance of approximately $2,860,000 from earlier appropriations. General and administrative expenses totaled about $119,000 and the net change in assets for the period was approximately negative $250,000. He said the commission began the year with about $6,450,000 in cash and held roughly $6,200,000 at the report date, plus the outstanding DMV check.
Commission members asked for additional detail. Commissioner Bridal asked what kinds of investments the funds are placed in; Bresnahan said investment policy governs allowable instruments and a treasury or outside counsel provides guidance, generally emphasizing pooled government investments and not direct stock purchases. Commissioners also requested historical totals of license-plate revenue since the program’s inception and a breakdown of license-plate counts showing new plates versus renewals; staff said they would obtain that DMV data and add charted trends to future financial statements.
The finance presentation was informational; no motion was required or taken.
