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Finance director reports $62M in city accounts, ARPA remaining tied to wastewater project and $382,628 in interest earned
Summary
Finance Director Brian Chris told council that city account balances total about $62 million, remaining ARPA funds (about $2.5 million) are slated to be spent by Dec. 2026 (largely for the wastewater treatment plant), use tax is down year-to-date 9.48%, and interest earnings of $382,628.07 were realized July 1–Oct. 31.
Finance Director Brian Chris presented the city’s monthly financial overview on Nov. 18, reporting approximately $62,000,000 in total account balances and highlighting that American Rescue Plan Act (ARPA) funds (Fund 75) are steadily declining and must be spent by December 2026. Chris said most remaining ARPA dollars are planned for the wastewater treatment plant project.
Chris reviewed revenue trends, noting sales tax is relatively stable but slightly down and use tax is down year-to-date by 9.48 percent, partly because of state law changes affecting the eligibility of some medical equipment for use tax refunds. He outlined how sales tax cents are allocated across general fund and capital improvement funds and explained franchise fees and other revenue sources.
On expenditures, Chris said general fund spending was at 38.65% against 33.3% of the fiscal year elapsed, with some departments (notably development services) showing higher percentages due to retiree payouts and other timing issues. On investments, he reported interest earnings of $382,628.07 for July 1–Oct. 31 and noted roughly $20,000,000 in certificates of deposit, with seven $1M CDs maturing next month; Chris said interest recognition occurs as CDs mature.
Council members thanked the finance director for the report and asked clarifying questions; Chris said staff will continue monitoring cash flow, capital projects and revenue diversification efforts.
