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Posted: April 26, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF050124-03

Agenda Item Title:

Acknowledge March 2024 Treasury and General Fund Update

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/01/2024
City Council Hearing Date:
05/06/2024
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
The attached March 2024 Treasury Report includes a breakdown of the City’s $217.1 million in funds. As of the end of March, 72% 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. As of the end of March, the City’s General Fund Undesignated Cash Reserve is ($3.5 million). However, it is important to note that the final sales tax payment for March was actually received in April. As such, the General Fund received an additional $2,757,841 on April 1. This does occasionally occur. In addition, typical with municipal cash flows, March and April are typically the lowest point in cash balances. This is due to the first round of property tax receipts not being received until May and the significant summer tourist sales have yet to begin. However, this does demonstrate that the City does not have a surplus of undesignated funds. Future supplemental appropriations will be necessary as a result of Union negotiations. It is imperative that the City seek to reduce the growth in the expenses within the General Fund and increase the revenue growth.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge

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