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Finance committee approves August financials; audit clean, notes sold at 2.67%
Summary
At a committee meeting, members approved August financial statements, heard that the 2024 audit had no findings, and were briefed on a recent $11.8 million various-purpose note issuance that received a Moody’s MIG-1 rating and a 2.67% net interest cost.
The City Finance Committee approved the August financial statements and discussed the city’s recent audit and short-term borrowing during a public meeting.
Committee Chair (speaking as Chair) opened the meeting and the committee approved the minutes from June 13 and, later, a motion to approve the August financials as presented. Michelle Reeder, a city staff member, reviewed the August revenue and expense report and the city’s cash and staffing levels.
Reeder told the committee that general fund revenue through August is slightly below the same period in 2024, citing a $528,000 reduction in income-tax receipts tied to net-profit return filing extensions. She said…
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