Finance director previews audit, pension valuations and tax-levy posture; no action taken

Finance Director Bill Hamlin told the City of St. Charles Government Operations Committee on Aug. 4 that the city is in the final fieldwork stage of its annual audit, the general fund closed the fiscal year about $550,000 in the black, and recent state sales-tax changes will shift how use-tax and sales-tax receipts are reported. Hamlin said the presentation was informational and that there were no action items: "So there's no action items for tonight. It's really just meant to be informative." He walked members through audit timing, year-end figures, pension actuarial valuations and the schedule for the utility rate study. The audit process, Hamlin said, begins in March and intensifies through July; auditors are completing their on-site fieldwork now and the city expects to present the annual comprehensive financial report at the Government Operations Committee meeting on Oct. 6. Hamlin reported the general fund ended the…