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Brentwood commission hears $2.7 million in invested earnings; audit scheduled for June
Summary
At its May 7 meeting, the Brentwood Ways & Means Commission received a financial update showing $2.7 million in invested earnings to date, noted an additional $1.5 million FEMA/SEMA reimbursement has been invested, and heard that the 2025 audit is on track for a June presentation to meet the state deadline.
The Brentwood Ways & Means Commission on May 7 heard that investment earnings tied to the city's portfolio have totaled $2.7 million since the contract began, and that the city is now investing an additional $1.5 million in FEMA/SEMA reimbursement funds, which staff said will start producing interest earnings.
Brad Lukens of Arbitrage Manage Group told commissioners the year-to-date earnings through April 2026 amount to roughly $2.7 million and estimated roughly $50,000 per month in interest income. Finance Director Michelle DePew presented unaudited financial statements and said sales tax receipts are about 6% higher than this time last year while use tax receipts are trending about 6% lower; she added that Department of Revenue reporting is running approximately 69 days behind. DePew said occupational license receipts are down but may still meet budget projections and that staff is tentatively factoring a roughly 1% revenue increase tied to a new plaza on Olive into upcoming budget work.
Andrew Zebell of CliftonLarsonAllen LLP (CLA), the city's contracted auditor, said CLA is conducting the audit of the city's 2025 financial statements and related notes. Zebell said the draft audit will be available in May and the audit presentation is scheduled for the commission's June meeting to allow the city to meet the state's June 30 issuance deadline.
No formal budget decisions were made at the meeting; the commission received the reports for review and expects staff to incorporate the updates into the upcoming budget process.
