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Deputy city manager: October finances show mixed trends; $15M bond closing imminent
Summary
Deputy city manager told council October FY26 revenues trailed FY25 primarily because of delayed federal school grants; General Fund revenues were down while enterprise fund revenues were higher due to capital billed up front. Staff said a $15,000,000 bond closing is scheduled and proceeds must be used only for council‑approved capital projects.
The deputy city manager presented the October financial report and said citywide FY26 revenues are trending lower compared with FY25, largely because federal grant reimbursements for schools were delayed while schools transition accounting systems. He reported General Fund revenues were down (approximately $4,044,449 or about 0.86%) while enterprise fund revenues reflected a one‑time increase (~$2.4 million) from capital billed upfront. Accounts payable for October included roughly 1,100 invoices and about $5.8 million in payments.
Staff reminded council that second‑half real‑estate taxes are due Dec. 5 and that the city’s ACFR work is on schedule for Dec. 31. The deputy city manager also said a $15,000,000 bond closing was imminent; bond counsel has received an expenditure list and proceeds must be appropriated only to capital projects specifically authorized by ordinance or resolution—capital funds cannot be used for operations.
Staff flagged routine timing and accounting items for Council awareness and offered to answer questions; no budgetary votes were taken on capital projects at the meeting.
Next steps: staff will continue monthly financial reporting, work with schools on grant reimbursement timing and finalize bond documentation with bond counsel.
