Benbrook council accepts March finance and quarterly investment reports

Benbrook City Council voted unanimously May 1 to accept the city’s finance report for the period ending March 31, 2025, and the quarterly investment report for the same period.

Finance Director Rick Overgaard presented the finance report, saying fiscal year‑to‑date general fund revenues were $21,112,505 (79.6% of budget) and expenditures were $12,926,458 (48.7% of budget), leaving revenues exceeding expenditures by about $8.19 million. For March, Overgaard provided a revenue breakdown that included franchise tax $165,007; permits and fees $60,677; fines and forfeiture $71,079; charges for services $139,362; intergovernmental revenue $80,349; interest $134,896; miscellaneous $1,140; sales tax $303,356; and property tax $563,141. Overgaard said fiscal year‑to‑date sales tax was $2,235,509, 7.1% less than the prior year.

March expenditures included public safety $1,062,846; infrastructure and asset maintenance $848,912; community development $73,940; administration $108,225; non‑departmental $24,293; and staff support services $121,879. Overgaard also reported on the debt service, capital projects and economic development funds and gave the city and EDC investment balances: the city held $39,617,582 and the EDC held $7,317,110.

Overgaard then presented the quarterly investment report. On March 31 the portfolio composition included bank accounts and operating balances, certificates of deposit, government investment pools and an agency note; the weighted average maturity was reported as 13 days and the yield to maturity about 3.1 percent. Staff recommended council accept both reports; Councilmember Renee Franklin moved to accept the finance report and Councilmember Mackey seconded; the motion carried unanimously. Councilmember Tyner moved to accept the quarterly investment report, seconded by Councilmember Phillips; that motion also carried unanimously.

Council did not request further follow‑up at the meeting.