City reports March financials: $63.2 million cash and investments, general fund strong through March

The city’s financial director presented the March financial report, showing the city held $63.2 million in combined cash and investments across funds through the end of March.

The director told council roughly 18% of that cash was in money market accounts tied to water and sewer bond proceeds, 40% in bank accounts, 32% in Georgia Fund 1 and 10% in U.S. Treasuries. He highlighted general fund revenues: the FY2025 general fund budget totals about $24.6 million and the city had collected about 88% of that through March, including roughly $1.2 million in occupation tax and financial taxes collected in March. Year-to-date general fund revenues were reported at about $21.6 million while expenditures were running near 48% of the annual budget.

The water and sewer fund was noted separately: the fund’s budgeted revenues are approximately $20.2 million with $9.1 million collected year-to-date, and March capital activity included roughly $2.6 million in invoices related to the new sewage treatment plant; staff said those capital outlays will be reimbursed from bond proceeds. For March the water and sewer fund spent about $1.7 million more than it received, which staff attributed to timing of capital reimbursements.

The director also reported hotel/motel tax receipts of about $83,000 for March and $517,000 year-to-date, roughly on trend with FY2024; rental-car tax receipts were approximately $95,000 year-to-date. Sales-tax (SPLOST) proceeds for February were $524,000 and the report noted the city was awaiting more recent proceeds to be reflected in next month’s packet. The director said overall the general fund showed positive cash flow year-to-date.

Council members thanked the finance director and asked no further questions at that time.