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Finance director reports December revenues boosted by property-tax receipts
Summary
Finance Director Sherry Roberts told council December property-tax receipts were about $6,000,000, pushing year-to-date revenues above a 25% benchmark; she reported general-fund reserve metrics and that the city received seven RFQ responses for investment advisory services.
Finance Director Sherry Roberts presented the city's December financial statements and told the council that property-tax receipts were about $6,000,000 in December, which lifted year-to-date revenues above the 25% benchmark commonly used for monthly comparisons. "Our revenues right now are high overall, mainly because of that," Roberts said.
Roberts showed charts comparing budget to actuals and said general-fund reserves equate to roughly 399 days (her slide compared that to a council target of 60 days) and that net position calculations showed about 131 days in reserve (a 45-day target cited for certain funds). She noted a spike in expenditures timing in October–November and explained special-revenue funds and restrictions (court technology, court-building security, E911 and street-impact funds). Roberts also said the RFQ for investment-advisory services received seven submissions and the staff will open and tabulate them imminently.
