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City finance director presents FY2024–25 dashboard: $255.5M revenue, $269M expenses, cash and investments detailed
Summary
Finance staff presented a high-level dashboard for fiscal year ended June 30 showing $255.5 million in revenues across all funds, $269 million in expenses, $95 million in cash and $144 million in investments; staff attributed timing and grant reimbursements for an operating outflow.
Erin, a finance staff member, presented a fiscal-year snapshot to the Mayor and Board of Commissioners showing revenues, expenditures, cash and investment positions as of June 30.
Erin said total revenues collected across all departments were $255.5 million, but after removing interfund transfers the figure available to spend in the fiscal year was roughly $151.7 million. Utility revenues totalled about $56 million and sales tax about $50 million; those two sources accounted for roughly 70% of operating inflows. Grant revenue represented about $20 million or 13% of the spendable total for the year, Erin said.
On the expense side, Erin reported roughly $269 million in total expenses across funds and $165.2 million after removing transfers. Major expense categories included about $68 million in capital projects, $39 million in payroll, $5 million for the city’s self-funded health plan, $31 million in operations and $22 million in debt payments. Erin said timing and one-time draws (including Call Lake ARPA funds) explain approximately $13.5 million of the net outflow over revenues.
Cash and investments: Erin said the city held just over $95 million in cash as of June 30, including about $61 million restricted for capital projects (largely Call Lake and the 1% capital fund) and roughly $17.7 million restricted for debt service. The city held about $144.1 million in longer-term investments, including retirement plan assets. The finance update noted a core investment portfolio of about $46.5 million in certificates of deposit used as a foundation for liquidity; the presenter also described a laddered treasury-bill strategy.
Erin said most expenditures were within legal appropriation levels and flagged that some cash flow timing produced a higher unassigned balance than she would typically prefer. Commissioners asked whether higher-than-budgeted sales tax and utilities collections were driving the positive variance; Erin confirmed sales tax and utilities outperformed budget.
Commissioners asked several follow-ups including whether the city holds cryptocurrency (Erin answered no) and whether staff capacity in grant writing could be expanded; Erin and board members discussed that one full-time grant writer supports a broader network of departmental grant efforts rather than a large centralized team.
No formal action was taken during the presentation.
