Finance update: city invested roughly $2M, conversion to new finance platform underway
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Summary
Finance staff reported moving about $2 million into new investment accounts tied to reserves and bond issuances, earning about $20,000 in interest over three months; staff also outlined phase 2 of a financial system conversion affecting utility billing and cashiering.
Commerce finance staff provided a quarterly investments update and a status report on the city's finance-platform conversion at the Jan. 20 council meeting.
Staff said roughly 25 percent of the fund-balance policy (about $2,000,000) was moved into an investment pool, producing about $20,000 in interest over the last three months; two other investment accounts were opened for bond-proceeds (ins and water/sewer projects) and routine transfers to the clearing account occur as project payments are made. Staff noted some withdrawals tied to project progress and said the arrangement helps the city earn interest to offset bond costs.
Staff also described phase 2 of the platform conversion, which will migrate utility billing and cashiering functions. The conversion requires staff training; the utility payment window will be closed briefly to allow intensive training (online and alternative payment options remain available), and staff expects to be live on the new cashiering/utility modules in February. Auditors are on site to finalize year-end work; property and sales tax figures will be reported back to council when available.
Staff invited questions and said they will return with updated property and sales tax information and with conversion progress reports.
