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Finance director reports healthier fund balance, investment strategy debated
Summary
City finance staff presented first-quarter fiscal metrics showing a roughly $1.2 million year-over-year increase in fund balance, higher year-to-date revenues driven by property taxes, police crime declines, and an investment report that raised questions about CDs, money markets and a new investment consultant.
At the Feb. 18 meeting the City of San Benito’s finance director, Stephanie Aronani, presented first-quarter fiscal-year 2024–25 metrics (October–December 2024) and an investment update that prompted commissioners to ask about short-term liquidity and rates.
Aronani said the city’s combined assets and fund balance were higher than the previous year by about $1.2 million and attributed much of the increase to property-tax receipts that arrive in the October–December period. She reported year-to-date revenues for the quarter of roughly $7.49 million compared with $6.97 million in the prior year’s comparable period; quarterly expenses were reported at about $3.72…
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