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Dickinson reports stronger revenues, approves $1M CD at First International Bank
Summary
Deputy Finance Director Greenwood reported the general fund balance around $9 million and year-to-date revenues about $562,500 above last year; commissioners approved a $1,000,000 CD purchase at First International Bank and heard about receivables and EMS budget pressures.
Deputy Finance Director Greenwood presented the city’s November financial report to the Dickinson City Commission on Dec. 16, reporting a general fund balance of roughly $9 million and year-to-date revenues about $562,500 higher than last year.
Greenwood said 1% sales tax receipts were up compared with the prior year (noting a $300 figure in the packet and an overall increase described in the report), and the half-percent sales tax also exceeded last year’s receipts by about $187,500. She told the commission that the hospitality tax was down slightly but overall revenues have surpassed budget for the year.
On oil-impact funding, Greenwood reported a November payment totaling $1.3 million and reiterated the city had budgeted an even $15,000,000 in oil-impact revenue for the year, with receipts slightly over that through November.
Greenwood flagged that EMS is the only department trending over budget — an outcome expected as the service is newly added — and pointed commissioners to the accounts receivable aging report, noting a number of receivables aged 60–90 days, including mowing fines and two larger refuse customers owing material balances; staff said collection work is underway.
Separately, Deputy City Administrator Carlson asked the commission to approve purchasing a new $1,000,000 certificate of deposit (CD) at First International Bank after a competitive solicitation among approved depository banks; commissioners approved opening a checking account and purchasing the CD.
Commissioners did not adopt policy changes in the presentation. Greenwood said staff will continue to monitor revenue and receivable collections and will return with any adjustments needed during budget proceedings. The city emphasized these figures are interim through November and will be finalized with year-end closing.
