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Raytown finance director reports strong investment income, ARPA plans and a $60,000 workers' compensation budget amendment
Summary
At its June 18 meeting Raytowns finance director presented the FY2024 midyear report showing strong investment income, property tax collections at about 85% and ARPA project plans; the board approved a $60,000 workers' compensation budget amendment unanimously.
Michael Graham, Raytown's finance director, presented the city's FY2024 midyear (six‑month) financial report on June 18, reporting that property taxes are roughly 85% collected to date, the General Fund is at about 58% of expected receipts, and investment income across several funds is running well above prior expectations.
Graham said investment yields are higher than anticipated and several fund types show investment income in the 80%+ range year to date; he noted capital projects are only beginning and that grant revenue was low (about 1%) because construction and spending are still getting under way. On debt and TIF obligations, Graham told aldermen the city made a major debt service payment of about $2,500,000 plus interest this month.
ARPA and project timeline: Graham reviewed American Rescue Plan Act (ARPA) balances and planned project starts. He said the city previously reported roughly $5.2M–$5.5M in remaining ARPA funds, staff have identified approximately $1.5M in FY24 project expenses and expect about $3.7M in FY25 project starts. Because of federal reporting rules, staff must identify projects and have purchase orders in place and must expend ARPA awards by Dec. 31, 2026 to avoid forfeiture.
Budget amendment for workers' compensation: Staff requested a $60,000 amendment to cover higher workers' compensation premiums driven by payroll increases and loss history. The amendment would be funded from the General Fund (with portions attributed to Parks and Sewer funds where applicable). The resolution was moved, seconded and approved by unanimous roll call.
Other business and approvals: The board also received the STOC (sales tax citizen review committee) FY23 report card, which judged submitted projects "exceptional," and it approved routine consent items including the June 4 meeting minutes. Graham and aldermen discussed timing for property tax receipts, the impact of seniors paying through installment (quad) plans, and whether staff can present hard-dollar figures for unanticipated investment income at year end.
Next steps: Staff said more detailed year‑end numbers will be available in the annual report and that ARPA project packages will be prepared for bidding and execution to ensure full expenditure by the federal deadline.
