Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Canton reports $50.8 million in cash and investments; general fund near budget in July
Summary
Finance staff reported $50.8 million in total cash and investments and that the general fund stood at about $7.5 million (roughly $1.1 million down month-over-month). Year-to-date general-fund revenues are at about 98% of budget; staff noted timing variances related to capital projects in enterprise funds.
Canton 94 City finance staff presented the July monthly financial report, reporting total cash and investments of $50,800,000 and noting the city remains near its budgeted targets for the fiscal year.
Mr. Luckett told council the general fund balance was about $7,500,000, down approximately $1,100,000 from the prior month. He said year-to-date general-fund revenue collections are at roughly 98% of budget. Enterprise and capital funds showed positive variances tied to timing of capital spending, and the water and sewer funds are below budget year-to-date because several capital projects have not yet been spent.
Mr. Luckett reviewed other fund details: tax-allocation-district receipts booked for July (about $196,000), hotel-motel tax year-to-date collections of $995,000 (about 14% higher than the prior year), rental-car tax collections up about 19% year over year and impact-fee revenue reported at about $970,000 year to date. He said overall budgeted capital spending and use of about $2.4 million of fund balance remain on plan.
What—s next: Finance staff will continue monthly updates and monitor expenditures tied to maintenance and capital projects.
