2nd Quarter Financial & Investment Report

1. 1
CITY OF ALAMO HEIGHTS
ADMINISTRATION AND FINANCE DEPARTMENT
CITY COUNCIL AGENDA MEMORANDUM
TO: Mayor and City Council
FROM: Robert Galindo, Finance Director
SUBJECT: Financial and Investment Report for the Quarter Ending March 31, 2024
DATE: May 13, 2024
A power point presentation reviewing the status of operating revenues and expenses through the
end of the second Quarter March 31, 2024 will be presented. The review provides a comparison
by fund for actual revenues and expenses compared to budget and prior year. This review also
provides a summary of fund balances by type and activity. Following is a summary of the
presentation.
General Fund revenue was $9,138,741 through the second Quarter and represents 73% of budget.
Property taxes which account for 53% of general fund budget revenues were assessed in October
2023. Total property tax revenue is $6,090,671 or 90% of budget. Sales tax revenue is $842,838
which is 49% of budget. Charges for Services revenue is $505,523 which is 48% of budget and
includes EMS revenue, telecom leases and administrative charges for Court. Building permit
revenue was $369,644 and represents 49% of budget. Expenditures through the end of the second
quarter ending March 31, 2024 are $5,678,249 or 46% of budget. General Fund operating
revenue over expenditures was $3,460,492.
Utility fund revenue was $2,164,202 which represents 35% of budget. Utility fund operating
expense was $1,883,705 which represents 31% of budget. Utility fund revenue after expenses is
$280,497.
The Capital Projects Fund beginning fund balance was $15,282,104. The Lower Broadway 2021
taxable bond proceeds of $13,250,000 are in this fund. Expenditures through March 31, 2024
are $1,490.
The City’s investment portfolio increased from $29,785,054 to $33,962,166 through the end of
the second quarter and is an increase of $4,177,112. The average yield for the investment
portfolio was 5.34% as compared to the benchmark of 5.23%, which is the 90-Day Treasury.
The City continues to maintain a strong financial position through the end of the second quarter
of the Fiscal Year ending September 30, 2024 and is operating within its budget. The leadership
team continues to practice conservative spending.

2. 2
______________________
Robert Galindo
Director of Finance
______________________
Buddy Kuhn
City Manager