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Town finance team says bank reconciliations done through Feb. 2024; staff to publish quarterly 2025 results and advance CIP work
Summary
Finance staff reported completion of approximately 150 bank reconciliations and progress in Keystone accounting, a draft five-year financial plan, and a capital improvement plan of roughly $103 million in prioritized projects. Council asked for continued monthly updates as staff finalize reconciliations and prepare the 2026 budget.
Town finance staff told the Whiteland Town Council they have largely completed a multi-month reconciliation backlog and will soon finish posting reconciliations into the town's Keystone accounting system.
Accounting lead Christie reported the team had physically completed about 150 bank reconciliations through February 2024 and expected to have all items posted in Keystone that evening. Finance director Adam said that once reconciliations are complete, the town can close the fiscal period and begin a monthly process to keep 2025 current. Adam recommended a best practice benchmark: produce closed, reconciled reports to departments and council within roughly 20 days after month-end.
Staff also told the council they have a draft five-year financial plan and a capital improvement plan that lists about $103,000,000 of prioritized projects. The team completed an asset management plan with Wesler Engineering and has a capital asset policy submitted to the state for the 2024 annual report. Adam said staff will publish a first-quarter 2025 financial summary and continue work on depreciation funds for utility reserves ahead of the 2026 budget cycle.
Adam and staff flagged legislative activity at the statehouse (various bills) that could affect municipal revenue options, including possible changes to growth appeals, business personal property tax and cable franchise fees. Staff said they are monitoring the bills and will return with town-specific impacts once state action is final.
Why it matters: Closing the bookkeeping backlog and having reconciled accounts flowing into the town's financial system is a prerequisite for accurate budgeting and CIP planning; staff said the reconciliations are nearly done and will enable more timely monthly reporting.
What happens next: Staff will finish posting reconciliations in Keystone, distribute a first-quarter 2025 report, advance the capital improvement plan conversation (including depreciation for utilities), and present financing implications of pending state legislation when they are finalized.
