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Finance director reports Q1 biennium numbers; city flags CAPE costs and investment yields
Summary
Finance Director Melinda Merrill presented the city’s first quarter (of the biennium) results: revenues ~$22.6M (61.8% of a $36.5M budget), expenditures ~55.7%; reserves sit at about $11M. The council heard a preview of CAPE program costs and transfers and was told a deeper CAPE review will return in September.
Finance & Administration Director Melinda Merrill presented the first quarter financial report for the biennium and said the city is generally on track. She reported approximately $22.6 million in revenues against a $36.5 million budget (about 61.8% of budget), and expenditures of roughly $21.8 million (about 55.7% of budget). Merrill noted property‑tax receipts are cyclical and that monthly timing (large receipts in April and May) brings the year back toward target. She said investment yields are averaging about 3.77% and that the local government investment pool (LGIP) balance is liquid and yielding roughly 3.71%.
Council focused particular attention on the CAPE (court cost) program. Merrill said court costs through Q1 total just shy of $1.5 million (and current figures through Q1 show roughly $2.0 million), and staff plan a deeper 'CAPE deep dive' in September to review vendor negotiations, cost drivers and transfer strategies. The city manager added that staff are transferring funds to transportation capital and to support police operational needs and that staff will return in September for a full CAPE briefing.
Next steps: staff will present more detailed budget and CIP materials in October and return with a CAPE program deep dive in September.
