Posted: November 22, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF112724-02

Agenda Item Title:

Acknowledge October 2024 Treasury and General Fund Update

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
11/27/2024
City Council Hearing Date:
12/02/2024
Petitioner:
Finance Department
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
The attached October 2024 Treasury Report includes a breakdown of the City’s $208.1 million in funds. As of the end of October, 76.7% 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 by $898,522 in October. The undesignated General Fund Balance finished October in a negative position of (1,457,915). This is anticipated to revert to a positive position once the second portion of the property taxes are received in November.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge

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