A 10% growth in the city’s sales tax receipts in September helped push one Yukon financial account to more than $10 million for the first time.
City Manager Jim Crosby said recently that Yukon’s “Pooled Cash” account, which is where the city’s bills are paid, topped $10 million in September.
According to Crosby, the account had $10,078,767 in it during September. That is up almost $2 million from where it stood on June 30.
“We keep trying to build that (account) each month, and it is nice that have gone from almost zero (in 2016) to more than $10 million in our pool cash. It is something we want to maintain,” Crosby said.
He expects that number will dip below the $10 million level as bills are paid.
Meanwhile, the city’s general fund reserve account also reached a new high of $6.7 million in September.
Crosby said the account stood at $6,768,325.
That is up from $6,738,060 the month before.
The reserve account is the account that covers expenses that may occur during a disaster.
Three years ago, that account had less than $3,000 remaining in it.
“It is way above the level we need to match the 25% from the previous year. That’s what you have to have, and we’re several million above that,” Crosby said.
The city’s ordinances require the reserve fund to have at least 25% of the revenue generated the previous fiscal year.
The city manager said should the council decide they would like to utilize some of those funds, it would be their decision.
However, he would like to see the account continue to grow.
“This is great that we have this. I would like to see it continue to grow,” Crosby said.
Most of the city’s accounts are up, Crosby said. And even with those that appear to be lower, there is an explanation.
For example, the city’s sinking fund account, which is where property taxes are deposited, normally hovers around $594,000. It was down in September to around $468,000, but Crosby pointed out the fund had been used to make a $94,000 interest payment on the city’s general obligation bonds.
Meanwhile, the city’s court fund was down when the report was prepared. However, Crosby said deposits had not been made into the account for the month.
That account covers expenses of the municipal court, as well as those related to CLEET, the Oklahoma State Bureau of Investigation and the Oklahoma Bureau of Narcotics and Dangerous Drugs.
One account that did take a dip was the Public Employees Sales Tax account for the police department. Crosby said the city is making lease payments for seven new police vehicles from the account. It stands at $622,622.
The PEST account for the fire department and general employees both were up.
The general employee account has $891,237 available.
Those funds can be used for anything to benefit the general employees, such as the purchase of new equipment.
He said the fire department account should continue to see growth. It stands at $419,194.
Other accounts that continue to see growth include the hotel/motel tax, which was used to pay expenses related to Rock the Route; the TIF account; and the 96th Street Capital Fund.
Crosby said the city’s finances, overall, are in good shape.