Kennedale finance director reports June revenues slightly ahead on property tax; sales tax and EDC receipts lag budgeted pace

Kennedale’s finance director presented the monthly financial report and a quarterly investment report on July 15, saying the city is generally on or ahead of last year’s pace in key categories but that timing differences affect some fund comparisons.

The finance director reported property tax revenues received to date are 101.9% of budget; sales tax receipts were reported at roughly $1,600,000, or 68.5% of the budget. General fund expenditures were at 67.1% of budget compared with 70.2% at the same time last year.

Staff cautioned that water and sewer numbers are reported one month behind and therefore comparisons are affected; water service sales were reported at 59% of budget while last year was 63.7%. The water/sewer fund’s expenditures were at about 74% of budget compared with 83.6% last year. Stormwater drainage fees and expenditures showed similar timing caveats.

On the EDC (economic development corporation) fund, sales tax receipts were reported at 55.2% of budget, down from 70% at the same point last year; staff said the variance reflected timing of grant windows and fewer grants issued while the EDC program was being revamped.

The investment report showed the city remains within its investment policy parameters. Staff said the city’s cash balance is strong but some cash is already committed for capital projects through bonds and other allocations. The city has several tranches invested with Frost that roll every 90 days; staff said they have not needed to liquidate those tranches yet and that a $1,000,000 bond investment had been reinvested as planned. Staff also noted approximately $2,000,000 with 90‑day maturities will be reviewed when it comes due.

Council did not take action on the financial reports at the meeting.