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Council hears corrected financials, fund balances and update on PAS settlements and rate notice
Summary
Finance staff presented corrected May financials (general-fund balance 23.89%; water/sewer fund balance 19.61%), and the manager reported anticipated PAS settlement receipts from 3M, DuPont, BASF and Taos to be held as a match for a proposed new water-lab building; a customer-rate notice will be inserted into upcoming water bills.
The finance director informed council that the wrong financials had initially been uploaded to the meeting packet and presented corrected May 31 preliminary figures: the general fund revenues exceeded expenditures for the period and the general-fund balance was shown as 23.89% (May), up from the prior-year comparison in the packet. The water and sewer fund also showed revenues exceeding expenditures with a fund-balance figure of 19.61%.
In the manager's report, staff said the city expects four PAS settlement payments (3M, DuPont, BASF and Taos) totaling anticipated receipts that staff recommend holding as local match for a proposed modernized water-lab building. Staff also reported a rate-change notice will be included in upcoming bills to explain recent water and stormwater adjustments. The manager noted the city continues to coordinate with FEMA and DEQ on related stormwater and spillway repair work.
