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Midyear review: city reports $76 million in cash and investments; property‑tax collections lag historical pace
Summary
City finance staff presented a midyear finance report showing $76 million in cash and investments, general fund reserves of about eight months, property‑tax collections at about 90% (below historical ~95%), flat year‑to‑date sales tax and lower interest earnings versus prior year.
City finance staff presented a fiscal midyear update covering cash balances, revenues and near‑term debt service.
Key numbers: staff said the city had about $76,000,000 in cash and investments as of March 31, an increase of roughly $3.2 million compared with March 2024. The presentation said the general fund carries about eight months of operating reserves; the CVB (convention and visitor bureau) fund and the venue fund hold larger reserves by months of coverage.
Revenue trends: property‑tax collections were reported at about 90% collected to date (staff noted this is lower than the typical roughly 95% collection this time of year). Sales tax collections were slightly up through March year‑over‑year but April receipts trimmed that gain and left year‑to‑date flat, staff said. Interest and investment earnings have fallen from the prior year (when higher interest…
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