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Northlake finance staff reports $77 million book value, flat interest earnings this quarter
Summary
Town finance staff reported a roughly $77 million portfolio book value and about $421,000 in interest earnings for the third quarter, and noted 75% of the fiscal year has elapsed while 50% of revenue has been booked.
John, a town finance staff member, presented the town's 3rd-quarter investment and quarterly financial reports, saying the portfolio had ‘‘a book value of about $77,000,000’’ and interest earnings of roughly $421,000. He noted interest earnings remained flat this quarter and attributed that in part to the Federal Reserve holding rates steady.
John also summarized fiscal-year pacing: the town had recorded about 50% of expected revenue with 75% of the fiscal year elapsed. He reported operating expenditures in the general fund at about 82% and total expenditures at roughly 35% of budget, and flagged a recent large payout for retirement liabilities that affected year-to-date spending. He encouraged residents and council members to review the posted quarterly financials online.
The briefing was informational; no council action was taken.
