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City finance staff report rising cash balances, conservative revenue assumptions and planned capital spending
Summary
Finance staff told the council that citywide cash and investments rose from about $146 million four years ago to roughly $210 million now, and outlined investment strategy, seasonal revenue timing and ARPA and one-time budget items still in progress.
City finance staff presented a first-quarter financial update to the City Council on May 6 that showed higher cash and investment balances, conservative revenue recognition practices and a schedule for remaining capital and one-time projects.
Mark (city treasurer) told councilors the city’s total cash balances had increased “from about $146 million four years ago to $210 million” and attributed the rise to capital bond draw timing, new restricted funds such as impact-fee accounts, and improved cash in several enterprise funds, including the airport and utilities.
Investment policy and yield
Mark described the city’s investment approach as safety-first with a laddered maturity strategy for liquidity and diversification across U.S. Treasuries, agency securities, commercial paper and CDs. He said the city’s target is to keep at least 75% of…
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