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City reports modest sales-tax gains; ARDOT reimbursement boosts cash balance
Summary
Finance director Tom Marsh reported July figures showing a 0.42% month-over-month dip but a 5.26% year‑to‑date gain in city sales and use tax; Marsh also said the city received a $1.6 million ARDOT reimbursement tied to utility relocation, which temporarily increased the city's fund balance.
Tom Marsh delivered the financial update covering July distributions and trends: city sales and use tax for the month was down 0.42% compared with the same month a year earlier, but year‑to‑date cumulative growth remained positive at 5.26%. Marsh provided sector breakdowns and noted a strong A&P (advertising & promotion) performance of roughly +19.9% year over year for the month.
Marsh flagged an accounting anomaly that materially increased the city's unrestricted general fund balance: "We received a $1,600,000 check on Monday of this week," he said, describing the amount as reimbursement from ARDOT for work the city fronted on utility relocations. Marsh said the current fund balance rose as a result and that the city is applying extra payments to capital principal to reduce interest expense on outstanding bonds. He also briefed council on the contingency fund and capital expenditures and answered members' questions about the timing of distributions and sectoral performance.
