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City staff report third-quarter finances; council hears budget amendment questions
Summary
City finance staff presented the fiscal third-quarter report and discussed recent borrowing tied to the November bond referendum. Council members asked about transfers to debt service, housing bond tranche timing and sales-tax trends.
Tim Flora, the City of Durham's chief financial officer, presented the city's third-quarter financial report at the May 22 council meeting, outlining expected year-end variances, recent bond issuance and the city's investment and cash positions.
Nut graf: The presentation said the city continues to show healthy financial management — including a triple-A general obligation rating affirmed by the three major rating agencies — but staff flagged a projected use of about $16.1 million of fund balance to balance the general fund this fiscal year and reported a modest sales-tax revenue slowdown.
What staff reported: Flora said the city sold…
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