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Madison finance update: $13.8M in transfers pending 2023 audit; January sales tax up 11.6%
Summary
Finance staff reported several 2024 revenue adjustments, $13,836,039 in transfers awaiting the 2023 audit before posting, SRF and FEMA receipts to multiple funds, cash and investment balances, and a January sales-tax increase of 11.6% ($526,287). Auditors expected mid-March, but no firm date was given.
Finance staff presented January financial results and noted several adjustments and pending transactions tied to the 2023 audit.
Amy said the department will post some 2024 revenues that were received in January back to the prior year and listed specific adjustments: Fund 101 (General) +$603,000; Fund 211 (lodging and entertainment tax) +$2,157.12; Fund 213 (second-cent sales tax) +$50,102.41; Fund 517 (Creek Walls) +$559,315.91 from FEMA; Fund 602 (water) +$801,320 from SRF; and Fund 604 (sewer) +$96,330 from SRF.
She told the commission that transfers in totaling $13,836,039 have not been posted pending the 2023 audit findings; the transfers affect both sides of fund statements and will move budget percentages when posted. Long-term debt of $1,315,801 was noted as not issued.
Amy reported cash and investment positions for January: general cash on hand $13,200,000; investments $5,890,000; checking $6,340,000; money market $686,000; other $286,000; restricted cash $624,000.
On the audit timeline, Amy said the auditors were on-site in January and the city hopes to receive the audit by mid-March but the auditors have not committed to a date. Commissioner Kelly and others urged staff to press for a firm timeline.
Amy also noted operational items: work has started on a digital budget book through ClearGov; the police parking-ticket QR code is operational; the finance office will be open until 5 p.m. on Feb. 28 for election-petition filings. She reported a positive January sales-tax figure: an 11.6% increase equal to $526,287.
Commissioners asked follow-up questions about specific line items (for example, an unexplained negative in the electric fund and the snow-removal budget); staff said they would return with details.
