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Finance director reports third-quarter finances; city received $25.6M from PFA for WERF project
Summary
The city reported $96.7M in cash and investments at third quarter, $34.3M on hand, and receipt of $25.6M from the PFA tied to the WERF project. Staff reviewed revenue and expenditure trends across general fund and utilities and noted capital spending and timing considerations for GO issuance.
City staff presented the third-quarter financial report on Nov. 10, reporting $96,723,000 in cash and investments and $34,300,000 available on hand. The finance presentation noted the city recently received $25,600,000 from the Public Facilities Authority related to the WERF project and that restricted ARP dollars of $472,000 remain earmarked for the meter project.
From a cash-management perspective, staff said the received PFA funds will be reallocated (due-from/due-to adjustments) so the city can invest more rather than hold elevated cash balances. The finance report reviewed general fund revenues of approximately $22.2 million and expenditures of $27.4 million through the third quarter (timing driven by when county disbursements occur). Notable items included higher asphalt and seal-coating spending, increased engineering consulting for capital projects, and that vehicle operations and maintenance are elevated as vehicles are fully depreciated. Utility funds are largely on track with combined utility collections at about $24.2 million and expenditures near recent-year patterns.
Council members asked for clarification on prepayment behavior for assessments and the ongoing balance between utility revenues and expenditures. Staff said some fluctuation is normal and that year-end collections typically alter the snapshot; staff expects fund balance targets to be met at year end and indicated planning for GO issuance in 2026 depending on rates.
