Live Oak council approves investment and first-quarter financial reports; disposes three police vehicles

The Live Oak City Council on Feb. 25 approved the city’s first-quarter investment report and the first-quarter financial report for the period Oct. 1–Dec. 31, 2024, and authorized disposal of three Police Department vehicles with initial net book value of $5,000 or more. All motions passed by recorded votes of 5-0.

Finance staff reported the portfolio size and that portfolio composition had shifted slightly between September 30 and Dec. 31 but that overall size was effectively unchanged over the quarter. Staff said maturities on non-’TexPool’ investments averaged around 153 days and that the city’s investment policy permits maturities out to three years. “As rates come down, we’re looking to buy out longer to lock in yields,” staff said.

In the financial report, staff said general fund revenues stood at about 34% of budget three months into the fiscal year (the 3-month target is 25 percent); total revenues through Dec. 2024 were reported as $5,992,007.97 and total expenditures as $5,000,003.95, producing a net increase that raised the general fund balance to $14,971,645. Staff also reported capital projects and utility fund balances and noted the capital projects fund paid out about $2.5 million during the period.

On asset disposal, staff presented three Police Department vehicles scheduled for auction after departments strip equipment and prepare vehicles for sale. The council approved the list of fixed assets identified for disposal and directed staff to proceed with auction using the city’s chosen platform.

Each of the three items—the investment report, financial report and fixed asset disposal—passed by roll-call votes recorded 5-0.