Live Oak council accepts July financial report showing $597,519 net gain

The Live Oak City Council unanimously accepted the monthly financial report for the period ending July 31, 2025, on Sept. 9.

City finance staff reported total revenues through July 31 of $16,400,223 and total expenditures of $15,000,008, producing a net gain of $597,519 and a general fund balance of $14,971,429. "As of the report date total revenues recorded through July 31 is $16,400,223. Total expenditures for the same period is $15,000,008," the presenter said.

Staff told the council that general fund revenues were at about 92 percent of the annual budget target (the target through 10 months is 83.3 percent) while overall expenditures were approximately 76 percent of budget. Sales tax receipts through July were reported as 1.68 percent above last year's collection for the same period; staff noted a further remittance was expected the following day.

In the capital projects fund, staff reported a fund balance of $55,573 as of July 31, but said most of that balance may be consumed by an arbitrage calculation. The capital projects fund balance was reported at approximately $5.115 million with about $1.7 million expended through the period. In the utility fund, staff reported a combined balance for the utility system of $1,323,002.69 and a utility R&R fund balance of $1,179,000. Stormwater fund cash and equivalents were reported as just under $250,000.

After the presentation council members moved and seconded a motion to receive, accept and approve the monthly financial report. The motion passed on a 5-0 voice vote.

Council did not direct additional follow-up at the meeting; staff said they would provide the near-term sales tax remittance when it was available.