The Powell Finance Committee met on Tuesday, July 14, 2026, at 7:00 PM in Council Chambers. Members reviewed monthly financial reports, received an investment update from Meeder Investment Management, and discussed debt financing options for upcoming capital projects including Soyota Street and Bennett Farm. The committee approved the June 9, 2026 meeting minutes by consensus and scheduled the next meeting for August 11, 2026 at 6:30 PM to focus on the Capital Improvement Program.
Call to order the um Palace City Finance Committee meeting for Tuesday July 14th. Please call Marcus Banisek. Sure. Jennifer Benithus is absent. Councilmember Leif Carlson is absent. Tom Counts. Here. Yeah. Okay. The first item on our agenda is approvable minutes. They were included in your materials. Either of you have any comments. No. See none. We will move approve the minutes by consensus. Next item on the agenda is the monthly financial reports. All right. Now we'll take it away from here. I'll kind of go over this quickly and condense, just go over a few high-level pages just for the sake of time, we got lots on the agenda tonight. So on the first page here, I'll highlight actual to date through June. Our taxes assessments and related revenue is above our budget target. It's at 53.2%. Our target is 50%. So that equates to about 10.6 million dollars. Even though we are over budget, we're about 4.6% below last year's year-to-date tax receipts. Other revenue still strong, it's 1.2 million.6% of the budget. The interest is up 10% compared to last year. So our portfolio is doing well, and we'll get some more information on that in the next items on the agenda there. Operating expenditures are 6.2 million.5%, but that's okay with expenses. We would kind of expect those to run below that budget target. Non-operating expenditures, the capital equipment and the transfers, those are running a little bit high, kind of around 60% there. That relates to the timing of those larger purchases, and then depending on our cash flow, we may do a little bit extra transfers throughout this part of the year if we have excess. So that's why those run a little bit higher there. Questions? A quick question. What is the sort of a high-level attribution for that? Um we can dig into it further and kind of do a I no, I thought maybe you know, like I don't have it off the top of my head. I know we may, just depending on if there's any vacancies, like I know we had a police officer. That's what I was wondering. Yeah, just staffing level vacancies. We're down in engineering, and there's some vacancies and turnover and police as well. Okay, majority of that, but yeah, we can get more detail as well. No, no, no more detail. Okay, page two, just um high level of the cash balances there. Um all funds cash balance 52.6 million, and then all funds unencumbered, uh, 45.3 million. Um, general fund cash balance is up, uh, like we said, over a little over a million dollars there, so their cash balance is 24.4 million, and then the unencumbered um is 22.8 million. Any questions on those cash balances? Good okay. I'm going to um if anybody has any kind of detailed questions on the revenues or expenditures, we can um dig into those or go back to it. But I'm gonna flip to page six, which is the tax collections file there.