Agenda Item Title:
Acknowledge the August 2024 Treasury and General Fund Update
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/02/2024
City Council Hearing Date:
10/07/2024
Petitioner:
Finance Department
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
The attached August 2024 Treasury Report includes a breakdown of the City’s $207.7 million in funds. As of the end of August, 79.9% 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 decreased in August. This is largely due to the additional pay period that occurred in August (two months each year have an additional 3rd pay period as opposed to the standard 2 pay periods). The undesignated General Fund Balance finished July in a negative position of (470,241). This is anticipated to continue in the negative until the second portion of the property taxes are received in November. Though as previously noted, the future supplemental appropriation for wage adjustments associated with the CPI increases and wage scale adjustments will diminish the positive impact of the property taxes received. In 2025, the City will need to prioritize enhanced revenue streams and reduced costs to reduce the reliance on undesignated fund balances.
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 decreased in August. This is largely due to the additional pay period that occurred in August (two months each year have an additional 3rd pay period as opposed to the standard 2 pay periods). The undesignated General Fund Balance finished July in a negative position of (470,241). This is anticipated to continue in the negative until the second portion of the property taxes are received in November. Though as previously noted, the future supplemental appropriation for wage adjustments associated with the CPI increases and wage scale adjustments will diminish the positive impact of the property taxes received. In 2025, the City will need to prioritize enhanced revenue streams and reduced costs to reduce the reliance on undesignated fund balances.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Acknowledge