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Board accepts fiscal-year financial report: $65M cash, $50.5M general fund balance
Summary
Finance staff reported cash and cash equivalents of $65,000,000, investments of approximately $16,300,000, net income of $1,800,000 for the fiscal year and an ending general fund balance of $50,500,000 (about 6.2 months reserve); the board accepted the report by voice vote.
Finance staff presented the fiscal-year financial statements for September, reporting cash and cash equivalents of $65,000,000 and investments (cost basis) of about $16,300,000.
The presenter said the general fund ended with a balance of $50,500,000, which was characterized as about a 6.2-month reserve; net income for the year was reported as $1,800,000 and general fund expenditures ended the year at approximately 87.5% of budget while revenues finished near 102% of budget. Sales tax remittances increased about 2.5% over the prior year.
After presentation, a motion and second to accept the financial report were called and the board voted 'aye' with the motion carrying. The transcript records no roll-call tally and no further discussion on the floor.
