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Town finance staff report June quarter on revenues, utilities and investments
Summary
Finance staff reported July 28 that general fund revenues are about $13.6 million (roughly 75% of budget), sales tax is slightly above benchmark, utility revenues lagged due to wet conditions, and the town holds about $38.2 million in invested assets; staff said debt service payments are largely on schedule.
At the Sunnyvale Town Council meeting on July 28, town finance staff presented the quarterly financial statements for the period ending June 30 and an investment report covering the same quarter.
Mikaela, a town finance presenter, said general fund revenues reached about $13,600,000, roughly 75% of the year’s budget. She reported property-tax collections above expectations (about 101%), sales tax collections at about 75.5% of budget and total sales-tax receipts roughly 5.2% higher than the prior year.
Mikaela said general-fund expenses were about $11,200,000 (72% of budget), and the town expects to finish the year roughly 3% under budget on general-fund spending. She said the debt-service fund had paid about $2,900,000 (86% of the debt) and that the remainder is due Aug. 15.
On utilities, Mikaela reported utility-fund revenues at about $6,300,000 (62.6% of budget), citing an unusually wet summer that reduced water use; she said the town typically sees most water revenue in July–September and expects an uptick in the hot months.
Rachel presented the investment report. She said interest earnings for the period were about $1,100,000 compared with $1,500,000 in the same period last year and attributed the decline to two interest-rate cuts earlier in the fiscal year. Rachel summarized holdings: about 65% of the portfolio is in liquid instruments (local government investment pools, money markets) and about 35% in fixed-income securities (CDs, municipal and agency bonds). She reported a yield to maturity of about 4.34% compared with a three-month U.S. Treasury bill benchmark of 4.41% and said the town had about $38,200,000 invested, held in safekeeping at Texas Independent Bank.
Council members asked several clarifying questions about projected sales tax and the timing of utility revenue receipts. No council action was required; staff presented the reports for council information.
