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Finance director reports January cash snapshot; balances down due to construction and utility payments
Summary
Finance Director Jennifer Knabb presented the city's end-of-January treasury snapshot, saying declines were driven mainly by large payments tied to construction projects and utility operations; the council voted to receive the report.
Jennifer Knabb, the city's finance director, presented the treasury report showing the city's cash and investments as of the end of January and noted decreases in balances primarily related to large construction and utility payments.
"We've got some decreases in balances mainly due to large payments made tied to construction projects and our utility operations," Knabb said, adding that the city uses short-term treasury notes and CDs to keep funds diversified. Councilwoman Gannon moved to receive the report; a second was recorded and the motion carried by roll call.
Knabb said staff will continue to provide the reports and is available for follow-up questions; councilmembers thanked staff for their fiscal oversight.
