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City treasurer reports strong cash position in Q1; Project Gemstone timing affects some receipts
Summary
City Treasurer Jared Impey reported about $108 million in cash on hand for the fiscal first quarter (Oct–Dec) and positive activity across funds; he said delays in Project Gemstone will postpone some anticipated receipts, including a $400,000 indexed mitigation payment.
City Treasurer Jared Impey presented the fiscal 2026 first‑quarter update covering Oct. 1–Dec. 31, 2025. Impey said the city had roughly $108,000,000 in cash on hand at the end of December and that the general fund showed a positive variance of about $2.2 million through the first three months.
Impey walked council through individual funds: water funds (two separate funds due to an agreement with Meta), sewer funds, irrigation and latecomers funds used to extend infrastructure. He noted a grant fund with little activity post‑pandemic and explained the urban renewal agencies' balances and timing of property‑tax receipts. Impey also said Project Gemstone — a data center project under judicial review — has delayed some expected building and electrical permits and a mitigation payment; he cited a previously discussed $400,000 indexed mitigation payment over 20 years for police services that will be delayed.
Council members asked about the timeline for the FY‑2027 budget process; Impey said budget work would likely start in April with director briefings and recommended forming a working group of council members and staff for budget development. Members also asked about a potential state bill on solid waste; Impey said he had not seen it yet.
Impey closed by noting a $2.2 million carryover for a council chambers build‑out and said, despite some timing uncertainties, he expects the fiscal year to end in sound shape.
