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Posted: May 12, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF052825-02

Agenda Item Title:

Acknowledge April 2025 Treasury and General Fund Update

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
05/28/2025
City Council Hearing Date:
06/02/2025
Petitioner:
Finance Office
Staff Contact:
Daniel Ainslie
Location:
Council Chambers
Agenda Item Summary:
The attached April 2025 Treasury Report includes a breakdown of the City’s $222.2 million in current assets. As of the end of April, 73.0% of the City’s liquid assets were invested in fixed rate instruments as authorized by state statute.

The third page of the Treasury Report includes various longer-term internal financing loans totaling $12.3 million that the City has made from one internal fund to another internal fund. As of the end of April, these internal loans represented 5.5% of the City’s total current assets. Should the City ever need to increase its liquidity in one of the funds that provided the financing for the loans, the City Council may transfer the receivable from one internal fund to another.

Again, it is important to note that Fund 789 Group Insurance (self-funded health insurance fund) finished April with a balance of $4,689,793.66. This is the fourth month in a row and the first time in years that the balance has reached the $4 million goal. The City’s policy is to end the $50 per employee per pay period surcharge once this threshold is achieved for four months in a row.

The other attachments illustrate the total current assets reserves and designated and undesignated balances for the General Fund. The City’s General Fund Undesignated Reserve finished April 2025 a position of ($471,771). The negative position is anticipated to swing to the positive by the end of May when the City receives the first half of the property tax payments and higher summer tourism sales tax receipts begin to be collected.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Acknowledge
Published in 2025 - LF Agenda Items
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