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Budget finance committee approves August financial statements, highlights revenue timing and low local-option sales tax
Summary
The Budget Finance Committee approved trustee cash-balance statements and financial summaries while staff and members discussed the difference between cash-on-hand and fund balance, lagged revenue timing (including local-option sales tax) and ambulance patient-revenue posting.
The Budget Finance Committee approved trustee cash-balance statements and financial summaries after a review of August figures and a discussion about how revenues are recorded and when they appear in county accounts. Members also noted a lower-than-expected local-option sales tax figure and timing differences in ambulance patient revenue.
Committee members voted to approve the trustee cash-balance statements after staff reviewed the account balances. "That that is not a fund balance number. That is the what is in the bank for that account," a finance staff member said during the meeting, clarifying that the column labeled "cash balance" reflects the bank account…
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