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Finance committee recommends carryover of $1.7 million in encumbrances, approves interim financials
Summary
Franklin City Finance Committee reviewed October–November interim financial statements, heard updates on cash, investments, and audit reconciliation work, and recommended carrying roughly $1.7 million in encumbrances into 2025; committee also approved interim statements and minutes by voice vote.
The Franklin City Finance Committee on an administrative voice vote recommended that the Common Council carry forward about $1.7 million in purchase order encumbrances into 2025 and approved interim financial statements for October and November 2024.
Committee treasurer/staff member Danielle presented the interim statements, saying the city has $52,900,000 in governmental funds, down from $54,000,000 in October, and a general fund balance of about $30,600,000—“about $875,000 higher than the budget,” she said. Danielle told the committee that most state aid and property tax payments were complete and that ambulance billing was at 101% collection year to date. She noted investment income was about $205,000 over budget and that year-to-date expenditures were $26,900,000, approximately $1,200,000 underspent.
Nut graf: The committee moved several routine financial items forward to the full council and discussed operational issues that affect budget projections—vacancies in public-facing departments, an ongoing bank-reconciliation cleanup tied to the city audit, and known one-time revenue items—without adopting new policy or spending changes.
In discussion, committee members asked for more detail on department-level vacancies and non-personnel underspends and sought clarification about the city’s vehicle fleet program. Danielle said the first leased vehicle was placed in service in October and that the municipal fleet program contracts were executed earlier but the physical take-up began later in the year. She also said the city received a FEMA Assistance to Firefighters grant that covered roughly 90% of a diesel-exhaust project and that the city received about $192,000 in August for that work.
The committee also discussed the status of the external audit and the bank-reconciliation project. Danielle said auditors from CLA encountered more issues than expected because of multi‑fund pooled cash activity and inconsistent internal spreadsheets; she reported additional staff support had been added and that auditors performed preliminary field work and would return in March.
Votes at a glance: The committee approved minutes dated 11/26/2024; recommended the interim financial statements for October and November 2024 be forwarded to the Common Council; and recommended that the listed encumbrances be carried into 2025 (total new encumbrances: about $1,700,000 capital improvement fund; $198,000 capital outlay fund; general fund roughly $139,135.47 after a noted liquidation). All were voice votes; the record shows motions, seconds and voice “ayes” but individual roll-call tallies were not specified in the transcript.
Ending: Staff said a handful of budget amendments will be brought forward next month to align projects that did not finish in 2024, and auditors will continue reconciliation work with a target to complete audits by June.
