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Council grills finance director on reserves, stormwater backlog and capital timing during treasurer's report
Summary
Council members pressed the town's finance director on May 27 about reserves, enterprise fund accounting, delayed capital projects and a backlog of stormwater work; staff promised follow-up detail.
Council members on May 27 spent a sustained portion of the La Plata Town Council meeting questioning Finance Director/Treasurer Ms. Larson about the town's cash balances, reserves and the accounting treatment of capital projects.
Ms. Larson told the council that the town is audited annually and that audited financial statements for the past 10 years are available online. On the question whether the town will end the fiscal year with a deficit (without using reserves), Ms. Larson said, "I do not believe so," and cited stronger-than-expected investment earnings and some revenue/expense amendments that have offset shortfalls.
Council members repeatedly asked for clearer benchmarks and written road maps for reserves. Ms. Larson said the town currently maintains multiple reserve accounts…
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