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City releases first quarterly financial update; investment report shows higher yields tied to interest rates
Summary
City finance staff presented a new quarterly financial report showing unaudited beginning balances, timing considerations for revenues and expenditures, and an investment report showing elevated yields consistent with higher fed funds; council requested short executive summaries for public readers and approved the investment report.
Finance staff presented the city's first quarterly FY25–26 financial update and the quarterly investment report. The financial update provided unaudited beginning balances (June 30), revenues and expenses through Sept. 30 and ending fund balances, with staff noting standard timing issues (accruals, construction funds and late invoices). Staff said negative beginning balances in some construction funds reflect reimbursement timing and that the second quarter report will include final audited opening balances.
Budget staff said they will add short explanatory notes to the report to help non‑specialist readers understand timing issues (for example, property tax receipts and debt service payments are seasonal). Council members requested a short executive summary and suggested an educational video for residents on how to read the reports.
The investment report summarized compliance with Iowa Code Chapter 12B and the city's investment policy. Treasurer Roger Weiskop said the portfolio continues to emphasize safety and liquidity and reported elevated yields that tracked the higher federal funds rate (~4%), and noted the city keeps roughly $30 million in checking for liquidity. Council approved the quarterly investment report and asked staff to post the materials to the finance webpage and to include clear explanations for commonly asked questions (e.g., why some funds appear short in a quarterly snapshot).
