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Finance committee reviews monthly reports, investment earnings and budget tools; staff to schedule NAV training
Summary
The finance committee reviewed appropriations, fund and revenue reports, and an investment update showing year‑to‑date interest earnings of $1,141,564.64. Staff said they will schedule NAV and budget‑vision trainings for council and department staff and will work with Findlay & Cook on data imports.
Committee members reviewed several routine financial reports and an investment update from the Clerk Treasurer’s Office and discussed next steps for the annual budget process and report access.
Marla provided an investment summary and said year‑to‑date interest earnings across multiple accounts totaled $1,141,564.64; month‑to‑date interest (including RDC) was $152,475.73. She said the city holds approximately $23,628,000 in Treasuries for the general fund ladder and referenced an additional “3.354” in rainy‑day treasuries (staff did not specify units in the meeting and the committee requested clarification).
Why it matters: the investment yield contributes to general revenues and is part of the monthly fiscal picture the council uses to monitor budget health. Committee members also requested clearer variance explanations on departmental spending lines and asked for NAV (financial system) access training so councilors and department heads can generate and drill into reports themselves.
Key takeaways
- Investments: Marla reported year‑to‑date interest of $1,141,564.64 and month‑to‑date interest of $152,475.73. She said the general‑fund ladder holds about $23.6 million in Treasuries.
- Appropriations and variances: Committee members asked staff to flag anomalous line items and provide explanations for over/under spending, including a noted deficit in ECD/community development services and an apparent overspend in a facilities/services line tied to remodel encumbrances.
- NAV access and training: Staff confirmed view‑only access is available on premise and said they will coordinate a hands‑on training with Findlay & Cook to help councilors and department heads run reports and perform imports from legacy Excel budgets. Kevin Barker at Findlay & Cook was identified as the consultant handling data import work.
Follow-up and next steps
Staff will provide: clearer line‑item explanations where percent‑spent deviates from expectations; a training schedule for NAV and budget vision tools; and clarification of the reported “3.354” rainy‑day figure and any maturities that were divested back to the general fund.
Ending
Committee members agreed to return to these items in future meetings once staff provides the requested variance explanations, NAV training dates and the investment clarifications.
