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Monthly finance briefing: Far West reports solid reserves, permit revenue and interest income
Summary
Finance staff told the council that general and enterprise funds are in good condition, with strong permit and interest income offsetting flat sales-tax growth; the sanitation fund warrants monitoring despite recent gains.
City finance staff presented monthly and quarterly financial statements to the Far West City Council on Jan. 16, noting generally healthy balances across funds and rising permit revenue.
Finance director Cody summarized cash positions: general-fund unrestricted cash near $1.7 million, capital-projects cash around $4.2–4.7 million and specific restricted balances for impact fees. Cody said building permits and plan-check fees are "significantly higher" than anticipated and that interest income has improved as PTIF yields rose, contributing to higher miscellaneous revenue.
Enterprise funds (sewer, stormwater, sanitation) were described as generally sound. The sewer fund showed positive net cash provided by operations and a healthy ratio of current assets to current liabilities. Stormwater had recent impact-fee receipts; the director said operating income was down year over year but remained positive. The sanitation fund has had operational volatility in prior years and "is a fund I worry about," the director said, noting a modest cash increase in the current year and that staff continue to monitor contractual and equipment costs.
Cody said the city expects ARPA reimbursements to be submitted for recent work and advised the council that the auditor recommended that the governing body formally review monthly financial reports (the auditor flagged this as a state compliance item). The presentation materials and full financial statements were posted to the city's Dropbox for council review.
