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Committee hears cash-budget update; staff cites strong sales tax and recent $174M milestone payments
Summary
Staff reported Fargo and Cass County sales taxes are ahead of last year and that the authority paid about $174 million in recent milestone payments, with roughly $600 million more expected over the coming months; WIFIA draws will reimburse milestone payments with a ~30-day lag.
Staff presented a cash-budget overview that showed local sales-tax receipts are stronger than last year and described large milestone payments that reduced the authority's cash balance in the short term.
Mister Benson reported the first two line items in revenues are Fargo and Cass County sales tax receipts, which he said are "between, 512% up on our, on our, sales tax revenue," and that, outside of WIFIA draws, other revenues remain on target. He reported $174,000,000 in milestone payments made recently and estimated about $600,000,000 in additional payments over the next four months as interim completion elements are finalized and submitted for payment.
Staff explained that WIFIA draws should reimburse many of those payments but noted a roughly 30-day lag between payment and reimbursement. Committee members asked no substantive follow-up questions and accepted the report.
