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La Conner finance director: revenues running ahead of spending; council approves CD rollovers
Summary
Finance Director Kim told the council that year‑to‑date revenue is modestly ahead of expenditures and reported increases in sales‑tax receipts; the finance committee approved rolling two maturing CDs into new accounts with higher rates.
La Conner’s finance director summarized the town’s early‑year finances, saying revenue so far this year is a little over $1,000,000 — roughly 16% of the annual budget — while expenditures are about $917,000, or roughly 12% of budget.
“We brought in about $79,000 in sales tax in February, and compared to the first two months of last year we have taken in about $49,000 more,” Finance Director Kim said, characterizing the figures as a positive early trend.
Council members pressed for more regular summary figures in the packet; one member asked whether staff could include a one‑page financial synopsis at the start of packet materials so the council and public see the headline numbers each month.
The finance committee reported on two Certificate of Deposit maturities and recommended rollover options. Council member Doyle said the committee will roll a $250,000 CD into Pacific Premier Bank (now Columbia Bank) at about 2.5%, and roll another $250,000 CD into Mountain Pacific/Columbia Bank at roughly 3.5%, citing the interest earned on the maturing accounts.
Those rollovers were treated as routine administrative actions; council members said they will continue to monitor investment performance and report back if market conditions change.
The meeting also included routine revenue notes: hotel/motel receipts and special‑use taxes were discussed (year‑to‑date variances were described as modest), and staff noted a new transportation‑benefit district that began receipts in late 2024 and is starting to contribute to the town’s budget.
The council adjourned after completing the regular agenda and several other business items.
