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Boone County treasurer: March expenses exceeded receipts; audit extension filed, tax-bill process underway
Summary
The county treasurer reported March fund balances fell as expenses exceeded receipts, said staff completed the property tax extension earlier than usual, and told the committee the annual financial audit will require a 60-day extension pending software reconciliations.
Boone County's treasurer told the finance committee on April 10 that March spending exceeded receipts and fund balances are down, but staff have completed the property tax extension and expect tax bills to be mailed on schedule.
The treasurer, identified in discussion as Mr. Newport, said markets and yields had not shifted materially in the last month and that March showed typical seasonal outflows. He thanked deputy county clerk Carrie Ann Anderson for completing the property-tax extension and said that step allows staff to start generating tax bills earlier than in prior years.
On the annual financial audit, Newport said auditors identified a handful of issues tied to a midyear software conversion to Tyler and that several general-ledger balances required clarification. "We're not going to make that, so we filed for an extension and it's a pretty simple process. It gives us an extra 60 days," Newport said about the required filing to the State Comptroller.
He said county staff will work with Tyler support to resolve ledger issues before completing the audit. The treasurer's report showing revenues and expenditures for March was presented to the committee and accepted as informational.
Newport also noted ARPA-funded projects are being paid from ARPA accounts and that the current available ARPA balance is roughly in the mid-millions (staff cited figures of about $5.7 million not including interest and a broader figure around $6.2 million while discussing timing and interest), figures he said staff are refining.
The committee had no questions beyond the report and accepted the treasurer's update.
