Benbrook council unanimously accepts finance and investment reports, adopts investment policy and approves $1.25M transfer for municipal complex
November 06, 2025 | Benbrook, Tarrant County, Texas
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
Finance Director Rick Overgaard told the council that general-fund fiscal year-to-date revenues were 103.4% of budget and fiscal-year-to-date sales tax receipts totaled $4,694,297, roughly 1.5% higher than the prior year. Overgaard reported broad fund balances and line-item details for general, debt service, Economic Development Corporation and capital projects funds.
On investments, Overgaard said the city had $32,361,895 invested as of Sept. 30, 2025; the portfolio's weighted average maturity was 20 days and the yield to maturity was 3.04%. The Economic Development Corporation portion was $7,628,370. Overgaard recommended council acceptance of the quarterly investment report.
Council reviewed an annual audit of the investment policy and authorized broker-dealers and staff recommended no changes. "For the investment policy itself, we are proposing no changes," Overgaard said, describing the policy priorities as safety, liquidity and diversification. Council moved to adopt the administrative regulation (F-5) as presented.
On capital accounting, Overgaard presented a one-time year-end reclassification transfer of $1,246,329 from the general fund to the municipal complex fund to record owner-related site costs and contingency for the municipal complex project. Staff described the transfer as an internal accounting reclassification with no net fiscal impact to the city.
Each motion carried unanimously with no further amendments noted during the Nov. 6 meeting.
View full meeting
This article is based on a recent meeting—watch the full video and explore the complete transcript for deeper insights into the discussion.
View full meetingSponsors
Proudly supported by sponsors who keep Texas articles free in 2025
