City Council Meeting Date: August 25, 2026
To: Mayor and City Council
From: Finance Director, Brenda Angelstad
Title
2026 Second Quarter Financial & Investment Updates
Body
Action Requested:
Discussion only.
Summary Report:
Attached are the Second Quarter 2026 Financial and Investment Updates. The Financial Update is prepared by Abdo and the Investment Update is prepared by PFM Asset Management.
Results are as expected. A few items of note.
• Taxes and Intergovernmental Revenue both show as underbudget for the second quarter, this is typical as taxes and Local Government Aid (LGA) are collected twice per year and the remaining amounts are expected to be collected in the third and fourth quarters.
• Election expense is favorable at the end of the second quarter, but expects to be on budget at year-end as expenses for the election season are just beginning.
• Fire shows as overbudget, which also relates to timing of payments to NAFRS, is on track for the year.
• Ice Arena Construction Fund balance is decreasing as expected as prior year bond proceeds are spent on the construction of the new facility. This is similar to other Capital Project funds that may spend proceeds over years before completion.
• Water Fund balance is increasing as expected with the sale of bonds earlier in the year.
Alternative Options:
Financial Impacts:
Included in background materials.
Tentative Timelines:
Reports will be submitted for first, second and third quarters, fourth quarter will be submitted in conjunction with the completion of the annual audit.