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City finance director reports revenues ahead of schedule; wastewater plant borrowing and debt noted
Summary
Finance staff told council that general fund revenues are slightly ahead of expectations for the fiscal year to date, the city has borrowed for wastewater plant construction, and several fund balances and indebtedness totals were summarized for July.
At the August meeting, finance staff presented the monthly treasury report for July, telling council that year-to-date general fund revenues were running ahead of schedule while expenses remain within expected ranges.
The report showed general fund revenues at 12.8% of budget versus an ideal execution rate of 8.3% at this point in the fiscal year; general fund expenses were at 9.2%. The capital improvement tax fund and other special funds were within projected execution ranges. Finance staff noted the ECWA (water/wastewater) side of the house was ahead on revenues but that expenses were elevated because of ongoing wastewater plant construction.
Staff reported the city had drawn construction debt for the wastewater plant (referenced in discussion as a multimillion-dollar borrowing; staff cited figures including $47.766 million and a $2.7 million meter loan) and said the wastewater project should be closing soon. Combined fund balances across city funds were reported at roughly $18.9 million at month-end, and current indebtedness was stated at over $64 million (staff said the total includes construction financing).
Staff also referenced specific fund balances (general fund roughly $1.9 million; capital improvement tax fund $2.4 million; rent cost share fund $2.2 million; opioid abatement fund over $80,000) and noted a future debt-service interest payment that will impact the wastewater plant fund. No budget amendment or formal vote was requested during the summary presentation.
Ending: Finance staff said they would return with monthly updates; council acknowledged the report and did not take action at this meeting. Staff flagged an upcoming debt service payment that would reduce available balances next month.
