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City manager reports $5.1 million cash balance; revenue timing behind seasonal trend
Summary
City Manager Robbie Rokovitz reported about $5.1 million in the city bank account and explained that year-to-date revenues are below the fiscal-year percentage (26.8% vs. 32.3% through Oct. 27) due to seasonal tax timing; he noted insurance premium tax overperformance and LMIG funds slated for paving.
City Manager Robbie Rokovitz gave the council a monthly financial update noting a cash balance of roughly $5.1 million and describing why revenues typically lag early in the fiscal year.
"At the very bottom, I always like to keep a running balance of what is in the bank. And it has under September 5.1 million; that should be 4.9 September; so, you know there is at the time of this report $5.1 million in the bank," Rokovitz said, explaining the line-item timing on revenues and that the city is about 32% through the fiscal year while revenue collections were about 26.8% as of Oct. 27.
Rokovitz pointed to an insurance premium tax collection that exceeded estimates (114% of estimate) and noted that LMIG (local maintenance improvement grants) dollar receipts will fund paving and gravel-road maintenance. Expenditures through the reporting period were about 18.2% of the annual budget, he said, and he offered to answer council questions on the monthly reports that were provided to members.
