Posted: November 21, 2023
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF112923-06

Agenda Item Title:

Acknowledge October 2023 Treasury and General Fund Update

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Staff Contact:
Daniel Ainslie
Circle of Friends Community Room
Agenda Item Summary:
The attached October 2023 Treasury Report includes a breakdown of the City’s $233 million in funds. As of the end of October, 73% of the City’s available cash is invested in fixed rate instruments as authorized by state statute. This has been a significant increase over the past 5 months as the City has sought to increase the interest income it receives from its cash resources.

The other attachments illustrate the total cash reserves and designated and undesignated balances for the General Fund. As of the end of October, the City’s General Fund Undesignated Cash Reserve is $3.3 million. This balance will continue to decline for the rest of the year as the final supplemental appropriations for 2023 are instituted.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center


Origination Recommendation Action:

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