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City manager reports $5.1 million in reserves as revenues lag fiscal‑year pace
Summary
City Manager Robbie told the council the city had about $5.1 million in the bank and noted revenues were about 26.8% collected while the fiscal year is roughly 32% elapsed; staff pointed to timing of insurance premium tax receipts and LMIG funds for paving as important revenue items.
City Manager Robbie presented the city's monthly financial update, saying the city had approximately $5.1 million in the bank as of the report and that the financial statements covered activity through Oct. 27. "There's $5,100,000 in the bank," Robbie said in the presentation, then clarified timing issues in collections that explain why year‑to‑date revenue was below the fiscal‑year pace.
Robbie explained that the city was about 32% through the fiscal year but had collected roughly 26.8% of budgeted revenue so far, calling out an insurance premium tax payment that arrived earlier than expected and one‑time LMIG proceeds that are funding paving and gravel road maintenance. He offered to walk council through more line‑item detail but said high‑level reserves and cash position remain sound.
