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Council approves March financials and closes three Texas Class accounts
Summary
Haley presented reconciled March financials and recommended closing three Texas Class accounts (a reserve fund, the ARPA/coronavirus fund, and a vehicle lease account); council approved the account closures and the March financial statements by voice vote after confirming ARPA-related offsets.
Haley presented the city's April finance packet and recommended closing three Texas Class accounts: a small reserve fund (a nominal balance), the coronavirus recovery (ARPA) fund that has residual funds tied to property closings, and a vehicle lease account used for tracking a leased vehicle. Haley explained the ARPA account is effectively finished and that remaining balances should repay the general fund if needed.
Council discussed whether ARPA funds could be transferred into the general fund and whether any notation or offset is required; staff said transfers will be noted in next month's minutes and that the transactions should meet ARPA restrictions. The council voted to close the accounts and approved the March financials. Haley reported receipts for the month: $7,665 from state sales and use taxes and $72,569 in March ad valorem taxes (of which $59,215 went to maintenance and operations and $13,354 to interest and sinking).
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