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Brentwood reports $1.1 million FEMA reimbursement; finance director recommends $1.5M reinvestment
Summary
Finance Director Michelle DePew told the Ways & Means Commission the city received $1.1 million in FEMA reimbursement for 2022 flood repairs and has more than $5 million cash on hand; she recommended investing $1.5 million with the city's advisor and moving repo accounts to ICS/CDARS.
Finance Director Michelle DePew told the Brentwood Ways & Means Commission on April 2 that the city received $1.1 million in FEMA reimbursement tied to 2022 flood repairs along the creek bank and portions of the Lee Wynn Trail and that, after recent liquidity adjustments, the city had more than $5 million in cash on hand as of March 24, 2026.
DePew said staff previously liquidated $2.2 million in investments in September 2025 to support debt service while projects were advanced from the capital improvement fund. With the FEMA reimbursement and a reviewed cash flow, she recommended investing $1.5 million of available cash with the city's investment advisor, consistent with the city's Investment Policy and Financial Policies and Procedures Manual.
Brad Lukens of Arbitrage Manage Group provided an overview of year-to-date investment earnings through March 2026, noting $141,000 in earned interest in bond debt service accounts and describing the portfolio strategy as a ladder intended to protect against variable rates.
On custodial arrangements, staff reported the bank and advisors recommended transitioning from repurchase (repo) accounts to ICS/CDARS to diversify deposits and increase access to FDIC insurance across network banks. DePew said the financial policies should be updated to reflect that procedural change.
DePew also reviewed the unaudited financial statements, saying revenues are generally on target; she noted sales tax receipts appeared low but that pending settlements remain, ambulance-fee revenue is on track and cable-vision revenue will be reevaluated in 2027. The auditors from CliftonLarsonAllen LLP are engaged for the year-ended Dec. 31, 2025, with a draft expected in May and a presentation planned for the June meeting to meet the state's June 30 deadline.
Separately, staff described eligibility to participate in an expanded Missouri GEMT (Ground Emergency Medical Transportation) reimbursement program for Managed Care Organization ambulance transports covering qualifying transports from Jan. 1 through June 30, 2025; a second process for the second half of 2025 is expected later in the year.
The commission did not take a final investment vote at the meeting; DePew's recommendation will be considered by the Board of Aldermen as part of normal approvals.
