Hickory finance chief reports higher revenues through December, AMI project affects water fund

Rodney Miller, deputy city manager and chief financial officer, presented the city's quarterly financial report covering the period July 1, 2025–Dec. 31, 2025.

Miller said the general fund carries an annual budget just over $80 million, with roughly $51 million in revenues and $48 million in expenditures reported through Dec. 31. He identified property tax as the city’s largest revenue source and noted development-related assessment timing causes a lag: much of the city’s recent permitting and development activity has been assessed and will post to county reports with a short delay.

On the water and sewer fund — financed by user fees — Miller said the city’s approved contribution of about $8 million toward an AMI meter project increased expenditures in that fund; the project’s associated revenues are expected to materialize with normal seasonal usage increases. Miller reported the city’s investment portfolio is earning an average yield of about 3.68 percent and that the available fund balance is just north of the council’s 25 percent target (audited at about 31 percent at fiscal year-end).

Council members asked for follow-up on the current fund balance calculation and whether single-family sales trends would affect property tax projections; Miller said he would provide updated numbers and noted a commercial permit (American Fujisil expansion at Trivium Park) accounted for a notable portion of the commercial-value increase shown in the report.

Miller closed by saying he had no concerns with the current financial position and that staff would supply additional reports on request.