Budget and Finance Committee reviews year-end and January financial reports, notes ARPA balances

Miss Patel, a finance staff member, presented the committee with the department's December 2024 year-end and January 2025 financial reports, including budget, investment and fund-balance details.

The committee was told the general fund budget is $157,000,000 and the budget includes a net vacancy factor of $2,700,000. Miss Patel reported year-end premium-pay expenditures of $2,700,000 for police, $3,300,000 for fire and $860,000 for EMS. She said the rental fund, stormwater fund and golf fund closed the year with revenues stronger than budgeted and expenditures lower than budgeted, but exact year-over-year comparisons varied by fund.

Miss Patel reported the city holds a portion of cash and investments with the Pennsylvania Local Government Investment Trust (PLGIT). She said a majority of term investments were placed through that trust and that money-market and cash accounts (TD Bank) were being used for liquid vendor payments; reported TD Bank yields were about 3.5% APY and PLGIT/prime accounts were yielding in the mid-4% range (as presented).

On American Rescue Plan Act (ARPA) funds, Miss Patel reported an end-of-year cash position of $22,400,000 and an end-of-January cash position of $20,500,000. She said approximately $15,000,000 of the ARPA balance was held in term investments and the remainder in money-market/prime accounts; liquid ARPA cash in TD Bank was reported at $3,400,000 at year-end and $1,600,000 at end of January (as stated).

Miss Patel also circulated the quarter 4, 2024 capital projects report. She said fourth-quarter capital expenditures for departments including public works, IT and parks totaled $1,500,000 and that about $7,000,000 had been encumbered for future capital expenditures. She noted the new building-code fund had been separated to track building-inspection fee revenues and related expenditures.

Committee members asked whether the December figures were final; Miss Patel said one final vendor payment was scheduled for the end of the week and that a final close and the subsequent report would be provided the following month. The meeting paused for questions and then moved on to an update on the ERP implementation.

The committee adjourned after the presentations.