Manager reports $1.26 million across accounts; council to move funds into tax pool for interest

City manager Troy presented the financial snapshot for the period, citing several account balances and a plan to move some funds into a higher-yield tax-pool account.

He listed specific balances: "restricted debt, 8 thou $208.37; utility deposit funds, $103,193.57; the road repair taxes collected that's in tax pool is $132,754.23, and that's a total of $244,156.17. Our unencumbered funds are general fund checking, $611,060.88... and then in tax pool, we have $516,667.27 for a total of $1,255,867.10," Troy said. He added the transfers would be reversible and intended to improve interest returns. Council members questioned how much of the $516,667.27 is truly undesignated; Troy said the figure represents reserves that the city can draw on for emergencies and is consistent with recommended reserve levels after recent infrastructure investments.

Troy also said he will follow up by email with the percentage of property taxes collected to date and expects to present a fuller plan at the next meeting.