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City finance director reports January budget status; arbitrage yield-reduction payment of $421,617.99 due
Summary
The finance director reported January fiscal-year-to-date results (33% of year elapsed), noting property-tax receipts lagged budget by about $1.2 million while sales taxes rose with a large audit adjustment; staff also recommended remitting an IRS arbitrage yield-reduction payment of $421,617.99.
The city’s finance director presented the monthly financial summary for January and an IRS arbitrage yield-reduction payment related to outstanding debt issuances.
On revenues and expenditures, the director said January closes mark one-third of the fiscal year. Property-tax collections were reported to be roughly $1.2 million under the budgeted pace through February, though February collections narrowed the gap. Sales-tax collections…
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