Posted: August 23, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF082824-07

Agenda Item Title:

Acknowledge the July 2024 Treasury and General Fund Update

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/28/2024
City Council Hearing Date:
09/03/2024
Petitioner:
Finance Department
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
The attached July 2024 Treasury Report includes a breakdown of the City’s $219.5 million in funds. As of the end of July, 75.6% of the City’s available cash is invested in fixed rate instruments as authorized by state statute.

The other attachments illustrate the total cash reserves and designated and undesignated balances for the General Fund. The City’s General Fund Undesignated Cash Reserve increased slightly in July. This is largely due to the cyclical nature of municipal finance in South Dakota. Tourism and summer travel sales tax began to be received in July (sales that originated from May and June sales). The undesignated General Fund Balance finished June in a positive level of $3.07 million. Though it is instructive to note that it is $6.2 million lower than the same time period last year. This is partially due to the increased reserve requirements (due to the increased total General Fund in 2024) and the increased use of designated funds in 2024.

As previously noted, there will be future supplemental appropriations as a result of CPI increases.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge

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