Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Fernley treasurer reports strong cash position, says ARPA nearly expended as CRC bills arrive
Summary
City Treasurer Robert Carson told the council the city had about $108 million in cash and investments through March 31, that ARPA funds are almost fully spent and future CRC construction bills will be paid from other funds; council will discuss a water rate study during upcoming budget sessions.
City Treasurer Robert Carson presented the unaudited quarterly financial report to the Fernley City Council, saying the city's combined cash and investments stood at roughly $108,000,000 through March 31.
Carson said the city maintains about $4.5 million in checking for daily operations, just under $19 million invested with the state and $85,000,000 in a longer-term investment account. He said investment returns have been favorable and that, as construction bills for the CRC arrive, ARPA funds are nearly fully expended and the city will begin using TLT (Transient Lodging Tax) funds as appropriate.
"We have about a $108,000,000 in cash and investments," Carson said, describing reserves, investment strategies and liquidity. He said a $4,000,000 general-fund allocation was set aside for potential CRC overruns but that current projections indicate the city likely will not need that set-aside.
Carson reviewed fund-level detail: general fund revenues were running ahead of conservative budget estimates, current expenditures are below budget year-to-date, and the water and sewer enterprise funds showed strong revenue performance though depreciation entries later in the year will lower reported position.
Councilman Mendoza asked whether the city had received its water-rate study; Carson said he had not yet seen the study and said the council will discuss rate-setting as part of the next day's budget discussion. "We'll have a lengthy discussion on that tomorrow night," Carson said.
The treasurer invited questions and said staff will continue to monitor receipts and capital expenditures and report back as the budget process continues.
