Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Budget & Finance Committee reviews year-end 2024 and January 2025 financials, ARPA and capital fund activity
Summary
The committee heard a detailed financial report from Miss Patel showing year-end general fund revenues, balances in the Pennsylvania Local Government Investment Trust (PLGIT), ARPA cash positions and Q4 capital project spending and encumbrances; no formal votes were taken.
Miss Patel, a finance staff member, presented the Budget & Finance Committee with the city—s year-end financial results for Dec. 31, 2024, and preliminary January 2025 figures, reporting the general (journal) fund closed 2024 with $151,552,000 in revenues and a $157,000,000 budget for the year.
The report said the city ended 2024 with vacancy savings reflected in a net vacancy factor of $2,700,000 and reported major 2024 premium-pay expenditures of about $2,700,000 for police, $3,300,000 for fire and $860,000 for EMS. Miss Patel said the general fund year-end cash position included approximately $36.5 million invested with the Pennsylvania Local Government Investment Trust (PLGIT), of which roughly $30 million was in term investments maturing at various dates; the report said remaining liquid balances were held in money-market accounts and a TD Bank account yielding about 3.5% APY.
Miss Patel also reported the city—s ARPA (American Rescue Plan Act) cash position at year-end as $22,400,000, with about $18,900,000 with PLGIT (roughly $15,000,000 in term investments) and $3,900,000 in money-market or prime accounts. As of the January report, she said the ARPA cash position was about $20,500,000, with $18,900,000 again with PLGIT and $1,600,000 held at TD Bank for liquid vendor payments.
Other funds shown in the presentation included solid waste (reported revenues about $17,000,000 and expenditures about $17,800,000 for 2024), risk (revenues $35,600,000; expenditures $33,600,000), rental fund (revenues stronger than budget by about 20% with expenditures about $2,900,000), stormwater (revenues about $6,100,000; expenditures about $6,900,000) and the golf fund (revenues about $2,500,000; expenditures about $2,000,000). The committee received the fourth-quarter (Q4) 2024 capital fund report showing Q4 capital project expenditures of about $1,500,000 with $7,000,000 encumbered for future capital spending across public works, IT and parks and recreation projects.
No committee vote or formal action was recorded on the finances during the meeting; Miss Patel said one more vendor payment for 2024 would be processed at the end of the week and a final accounting/report would be provided to the committee the following month.
The committee asked for no further clarifications at the conclusion of the report. The financial presentation covered end-of-year liquidity, investment allocations, premium-pay totals and capital project encumbrances that will inform upcoming monthly reporting and budget monitoring.
