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Committee reviews fund balances, investment positions and audit schedule
Summary
Officials outlined general fund cash balances, transfers to investment accounts, and the timeline for the 2023–24 audit work with Baker Tilly and Forbus, noting the city is unlikely to meet the GFOA June deadline for the current year.
City finance staff presented fund and revenue reports and described investment holdings and audit timelines to the finance committee on March 24.
Clerk Treasurer Marla reported the general fund began the period with $10,410,000 in cash, collected $6,040,000 in revenue, and disbursed roughly $14,000,000; $10,000,000 of that was invested with Goldman Sachs, leaving a reported balance of $2,340,000 in the general fund. Marla noted investment income and bond proceeds provided cushions but that disbursements outpaced revenue for February.
On investment…
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