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Council receives third-quarter financial update; staff presents recommended six-year CIP
Summary
City staff reported the third-quarter financial update and presented a recommended capital improvement program (CIP) for council review; staff said the general fund is performing as expected, vacancy savings are ahead of plan, and the CIP is balanced to the city's priorities but faces market and funding risks.
Fayetteville staff told City Council on April 28 that the city's general fund is performing “as expected” and presented a recommended capital improvement program (CIP) for council review.
Finance Director Jeff (Jeff/Phil) Yates reported that the city is tracking ahead on vacancy savings and that through the third quarter staff estimates roughly $13 million in vacancy savings to date, with a target figure used in budget balancing of about $8.5 million. Yates also said the city typically experiences a cash-flow deficit early in the fiscal year, then moves to a positive position as…
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