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Waco posts 3rd-quarter financials: general fund 82% collected, portfolio yields $29.7M year-to-date
Summary
Finance staff reported that the general fund had collected roughly 82% of budgeted revenues through June 30, highlighted lagging property-tax collections, and showed the city's investment portfolio earned about $29.7 million year-to-date with a par value near $973 million.
City finance officials presented the third-quarter financial report covering activity through June 30 and summarized the quarterly investment report.
"We've collected $178,200,000, so that's good for 82% of collections," Colin Booth, the managing director of finance, told the council while reviewing general-fund revenue and expense categories. Booth said charges for services and intergovernmental revenues were ahead of budget while fines and permits lagged.
Investment portfolio and income Blue Kostelitz, the city's CFO and assistant city manager, summarized the investment portfolio: par value rose from roughly $889.7 million on March 31 to about $973.4 million following receipt of bond proceeds. "Net income for the fiscal year through June 30 is $29,665,841," Kostelitz said. The portfolio's yield to maturity was reported near 4.22% with an emphasis on safety and liquidity under the Texas Public Funds Investment Act.
Selected fund highlights - General fund: Revenues collected were about 82% of the $217.6 million budget through June 30; salaries and benefits were just under the 75% year-to-date benchmark. Transfers out lagged typical timing because a large annual transfer to fund capital projects posts in July. - Water fund: Metered water sales (the largest account) were at about 64.4% of budget; overall the water fund reported 62% of budgeted revenues year-to-date, with interest earnings ahead of plan. - Wastewater and WMARs: Combined revenues are tracking near budget; the WMARs capacity charge was on track at roughly 73% of budget. Staff noted encumbrances and timing on transfers (including a TIF 4 transfer) affected year-to-date comparisons. - Solid waste: Residential and commercial collections tracked at roughly 76% and 80% of budget, respectively; transfer-station revenues were deferred because a new transfer station opens in October.
Staff observations and caveats Booth and Kostelitz cautioned that some accounts show over-budget encumbrances (notably some chemicals, contracted inspection services and other special services accounts) that can be balanced by savings elsewhere. They also noted property taxes were behind a straight-line pacing measure because a majority of collections occur early in the fiscal year (December–February), so monthly benchmarks should account for seasonality rather than simple arithmetic division.
Ending: Council members complimented staff for faster close and timely reporting; finance staff said some items (airport passenger facility fees, particular transfers) will be posted in July and reflected in subsequent reports.
