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Benbrook council accepts year-to-date finance and investment reports; sales tax down 18.1%
Summary
At its Feb. 6 meeting the Benbrook City Council unanimously accepted finance and investment reports for the period ending Dec. 31, 2024, after staff reported revenues exceeding expenditures and a year-over-year decline in sales tax collections.
The Benbrook City Council unanimously accepted the city's finance and investment reports for the period ending Dec. 31, 2024, at its Feb. 6, 2025 regular meeting.
City accounting supervisor Laura Scaggs told the council that general fund revenues through Dec. 31 were $10,203,044 (38.5% of the budget) and fiscal-year-to-date expenditures were $6,368,084 (24% of the adopted budget), leaving revenues higher than expenditures by $3,834,960. Scaggs also reported December general fund revenues of $7,758,514 and December expenditures of $2,352,174.
The reports showed sales tax recognized as revenue in December of $355,133 and a fiscal-year-to-date sales tax total of $1,097,873, a decrease of 18.1% compared with the same period last year. Scaggs flagged public safety as the largest single expenditure for December at $1,504,760.
On the city's cash and investments, Scaggs said the city held $32,801,631 in cash and investments as of Dec. 31, 2024; the Economic Development Corporation (EDC) held $6,860,717. She reported the city's investment portfolio had a weighted average maturity of 17 days and a yield to maturity of 3.17% as of Dec. 30, 2024.
After the presentation, Councilmember Mike Phillips moved to accept the finance report as presented; Councilmember Addison seconded the motion. The council voted to accept the finance report unanimously. Councilmember Tyner moved to accept the investment report for the quarter ending Dec. 31, 2024; Councilmember Franklin seconded, and the motion carried unanimously.
Scaggs also gave account-level details included in the reports: property tax revenue of $7,012,565 for the period reported; franchise taxes of $21,922; permits $82,355; fines $1; charges for services $117,892; and interest income of $92,178. Debt service revenues for December totaled $1,683 (all from property tax), with debt service revenue year to date through Dec. 31 at $267,492 (17.4% of the debt service budget). Scaggs noted the next debt service payment is due Feb. 1, 2025.
The council did not ask questions of staff during the presentations and took no separate policy actions beyond accepting the reports.
