Canton staff reports July finances: $50.8 million in cash and investments, general fund near budget target

Canton’s finance staff presented the July monthly financial report on Sept. 4, reporting $50.8 million in cash and investments and general fund revenues roughly at 98% of the adopted budget.

Finance Director Luckett told the council total cash and investments as of July 31 were $50,800,000, roughly unchanged from the prior month. He reported the general fund balance at about $7.5 million, down about $1.1 million from the prior month, and said year-to-date collections put general fund revenues at about 98% of the budgeted amount.

Luckett said city-wide July expenditures represented about 83% of the fiscal year to date and that the general fund had spent approximately 82.5% of its budget, leaving a year-to-date net change showing about $900,000 more collected than spent. He noted the adopted budget planned to use about $2.4 million in fund balance and that current figures are in line with that plan.

On enterprise funds, the water and sewer fund was reported at about 47% of budgeted capital expenses due to capital projects not yet spent; revenue collections for water and sewer were described as on target. Luckett also highlighted the tax allocation district fund (TAD) receipts of $196,000 for tax year 2024 booked in July and a hotel-motel tax year-to-date collection of $995,000, up about 14% from the prior year.

Luckett closed by offering to answer questions and council moved on with no additional discussion.