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Town shows online financial portal, reports investments and audit timing to new finance committee
Summary
Staff demonstrated Corte Madera's financial transparency portal, described quarterly investment reporting and audit timing, and noted operational cash, bank arrangements and adopted investment and debt policies.
Staff demonstrated the town's financial transparency portal and reporting tools to the Finance Advisory Committee and described recent treasury and audit activity. Lorena Barrera and Finance Director Chris Petlock walked members through the town website and the linked transparency portal, which staff said is connected to the town's financial software and updates nightly. Petlock showed that the portal displays budget columns and year-to-date figures, and he encouraged members to use the portal to track revenues, expenditures and trends. On treasury matters, Petlock provided the quarterly investment (treasurer's) report as of June 30 and said the operating account at Bank of Marin currently does not earn interest; staff are sweeping funds to a money-market account that is yielding about 4.6 percent. Petlock said staff have explored other banking arrangements and sweep accounts with the bank. Petlock also reviewed adopted policies, including the town's investment policy (safety, then liquidity, then yield), debt management policy and reserve policies. He said audits for the town and Sanitation District 2 are prepared annually and staff plans to have audited financial statements available to the council by December. Committee members asked about receiving regular quarterly reports; staff confirmed that September 30 and other quarterly reports will be presented to the committee and that the committee can request different report levels or additional detail.
