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West Haymarket JPA approves payment register after finance director reviews bond and operating payments
Summary
The West Haymarket Joint Public Agency approved the payment register for Nov. 2024–Mar. 2025 after the city finance director, serving as JPA treasurer, summarized debt-service and operating expenditures and answered board questions about cash balances and bond obligations.
The West Haymarket Joint Public Agency on a 3–0 roll call vote approved the payment register covering November 2024 through March 2025 after the agency’s finance director reviewed the payment register and the fiscal-year-to-date expenditure reports.
The finance director, identified in the meeting only by role, told the board the largest share of payments during the period were debt-service obligations: principal represented about 45.2% of the listed payments and interest about 29.2%. The director said payments to District Energy Corporation (DEC) for utilities totaled approximately $1,300,000 (about 5.8% of the period total) and noted associated revenues when services are billed back to customers within DEC.
The director walked the board through the operating-expenditure pages in the supplemental packet, saying the report shows budgeted amounts, year-to-date spending and remaining budget. According to the director, the JPA had collected $13,200,000 in occupation taxes compared with a budget of about $13,300,000 and that collection represented roughly a 3.8% increase from the prior year. The director told the board the bond principal-and-interest obligations for the agency total about $23,000,000 annually and said, in his analysis exercise, the JPA’s cash position would cover that obligation.
Board members asked whether figures shown included the expenses under consideration at the meeting; the director said the packet figures reflected the items on the agenda and that the approved budget projects an end-of-year cash balance consistent with the approved budget. The director stated the beginning cash balance for the fiscal year shown in the packet was $51,500,000 and gave a March 31 cash-balance figure of $58,700,000 as reported in the supplemental materials.
No members of the public addressed the board on the financial reports. Councilman Tom Beckias moved approval of the payment register; Regent Tim Clare seconded. The roll call vote was recorded as Beckias: yes; Clare: yes; Gaylor Baird: yes. The motion carried 3–0.
The board did not take separate action to adopt the expenditure report at that time; the motion on the table was the payment register approval as recorded.
