Finance staff presents June 30 monthly and Q2 capital reports; general fund revenues at 63%

At the Allentown City Budget & Finance Committee meeting on July 23, city finance staff reviewed the June 30 monthly financial report and the second-quarter capital fund status.

For Q2, the capital fund's adjusted budget was reported at $92,200,000, with year-to-date expenditures of $6,700,000 and an additional $6,990,000 encumbered for future spending. Departments with active capital projects included public works, police, and parks and recreation, the presenter said.

As of June 30, general fund revenues were 63% of the annual budget, totaling $92,900,000. Tax receipts comprised the bulk of revenues: city real estate tax receipts were listed at $35,000,000, earned income tax at $24,000,000, and business privilege tax at $11,000,000. General fund expenditures were at 46% of budget ($70,000,000), with personnel costs the largest category. Premium pay for public safety was highlighted: police overtime/premium pay at 54% of the budgeted amount, fire at 59%, and EMS at 53%.

Other fund highlights included the risk fund (revenues at 52% of budget; expenditures reported slightly higher than revenues as of June 30), the solid waste fund (adjusted budget $20,300,000; expenditures under prior-year comparisons), the stormwater fund (79% of revenues at $4,700,000 and expenditures at 36% or $2,700,000), the golf fund (revenues at 45% or $1,200,000; expenditures $1,500,000 on a $3,100,000 adjusted budget), and the new building code fund (revenues at 51% or $1,300,000; expenditures at 41% or $1,100,000).

The city reported a general fund cash position of $58,000,000 at the end of June. Of that, $55,000,000 was invested in the Pennsylvania Local Government Investment Trust (PLGIT), with $50,000,000 in term investments that have listed maturity dates. Investment yields were reported between 4.12% and 4.4% APY for term investments; prime accounts were yielding about 4.37%, and TD Bank liquid assets were yielding about 3.75% on approximately $2,700,000.

The presenter cautioned that the figures reflected the June 30 snapshot and that numbers may have changed by the July 23 meeting date. Committee members and the controller had no further questions after the presentation, and the committee moved on to other business.

The report will be discussed in greater detail at departmental committee meetings for project-level status updates, the presenter said.