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Finance director reports investment pools, property‑tax collections near budget and airport fuel sales
Summary
Finance staff reported three investment accounts established in September (including a liquidity pool of roughly $2 million earning ~4.3%), property‑tax collections at about 99.8% of budget, sales tax receipts 2.9% above budget, and initial airport aviation‑fuel sales of roughly 1,000 gallons generating nearly $5,000.
Finance Director Campbell presented the quarterly investment report. Campbell said the city established three investment accounts in September: a liquidity/reserve pool (set at roughly 25% of general‑fund budgeted expenses, about $2,000,000) earning about 4.3% as of September, and two Techstar pools tied to the August bond issuance split between water/sewer and I&S debt. Campbell said interest earned to date on those pools is visible and that funds will be transferred to a clearing account as bond‑funded expenditures occur (for example, the ladder truck reimbursement).
On revenues, Campbell reported property taxes collected through the fiscal year were about 99.8% of budgeted figures and called the result essentially even. Sales tax receipts surpassed budget by 2.9% and exceeded prior‑year receipts; Campbell noted active sales‑tax rebate agreements with Bloomfield Homes and Tractor Supply (Tractor Supply roughly halfway through its rebate agreement with about $57,000 rebated to date).
Campbell also said the airport’s new fuel tank has been live roughly 30 days and sold about 1,000 gallons of aviation fuel, producing nearly $5,000 in revenue.
Why it matters: Strong property and sales tax performance supports the city’s fiscal position; investment pools are being used to earn higher interest on bond proceeds and reserves while funds await expenditure.
What’s next: Finance will continue to transfer funds for reimbursements as capital expenses occur and will proceed with routine fiscal‑year close procedures over the next quarter.
