Seven months into the fiscal year, Yukon’s finances continue to move forward, according to the latest report from City Manager Jim Crosby.
Crosby said Tuesday that virtually all of the city’s bank accounts are in better shape today than they were a year ago, and even two months ago.
The city’s reserve fund account, which two years ago had dipped to less than $3,000, is now about $3.2 million. Crosby said the fund is expected to reach $4 million before the end of the year.
Crosby said the goal is for the fund to eventually be at $6 million, which is 10 percent of the city’s budget.
Currently, there is $3,288,861.81 in the account. That is up from $3,032.455.36 in December and $2,449,180 at the end of last fiscal year.
The city’s sinking fund, which is used to make annual debt service payments, currently has $1.68 million. That is up from $626,117 in December and $707,947 on June 30. The account is funded through property taxes.
Meanwhile, the court fund has $243,909. That is up from $212,207 in December.
All of the city’s Public Employee Sales Tax accounts also are up, though Crosby said the PEST accounts may be reduced in the near future with the purchase of equipment, including police cars and sanitation trucks.
The police department’s account has $515,329.48, which is up substantially from June 30, when there was $343,464.37. In December, the account had $451,204.
The fire department’s account is almost double what it was in June. Crosby said in January, there was $287,034 in the account. At the end of the last fiscal year, there was $166,102 in the account.
In December, the account had $239,213.
The general PEST account has $503,239, up from $295,338 on June 30.
Other accounts that have seen significant growth include the city’s hotel-motel tax account, which has $608,523. In June, that amount was $444,513.
The city’s Tax Incremental Fund account has $809,765. That is up from $665,088 on June 30. Crosby said that fund could see significant increase in the future.
Yukon’s TIF District is located mainly to the south of Interstate 40 and west of Garth Brooks Boulevard. It extends west to Frisco Road and north to just beyond Vandament.
Crosby said there are plans to expand the TIF district to State Highway 66 as that area begins to develop.
The pooled cash account shows growth of $1.5 million since June 30, when it had $2,357,492. The account had $3,833,117 as of Feb. 6. That account is the city’s primary account and is funded through utility payments and tax collections. It also is the account where most of the city’s expenses are paid through.
Crosby told members of the city council that the city will need to replace some equipment in the near future, including several new police cars as well as sanitation vehicles.
“The problem with purchasing everything at once is you have to replace them at once,” Crosby said.
The purchase of sanitation trucks could cost as much as $500,000, Crosby said.