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Finance director: 2024 Hinkle report near completion; year-end reconciliation leaves $9.13 million carryover including ARPA funds
Summary
City finance staff reported the 2024 Hinkle report is in final stages and presented reconciled December figures; year-to-date carryover reported at $9,129,387.35, with ARPA funds included. Staff explained payroll sweep practices, a two-month reconciliation lag, outstanding checks, and how ARPA encumbrances were used to cover personnel costs.
City finance staff told the council that the 2024 Hinkle report is in its final stages and that bank and software reconciliations for December are complete.
"The 2024 Hinkle report is in its final stages," the finance presenter said, and financial statements required for filing with the Ohio auditor were expected to be completed imminently. Staff said the department expects to submit the final financial files to the state auditor's website once the remaining financial reports are received.
On reconciliations, finance staff said both the bank balances and the city's finance software showed the same ending balances for December after accounting for outstanding checks. The payroll account has been configured to show a zero balance at the close of each day; staff said that is intentional and that payroll transactions sweep to the general fund.
Finance staff reported a year-end carryover balance of $9,129,387.35 and said that federal ARPA funds are included in that total. When council members asked whether ARPA funds were part of the balance, staff confirmed they were included and said that removing the ARPA encumbrances would reduce the unrestricted carryover to about $8 million (not a precise extraction provided during the meeting).
Staff explained a two-month reporting lag for monthly reconciliations was being used so the finance team could clear outstanding items and present reconciled statements. The department also said outstanding checks reflect checks written but not yet cashed by payees.
Council members asked for clarifications about ARPA usage in prior ordinances. Staff said some ARPA funds were used to cover retroactive salary and contract costs for certain departments so general fund cash would not be strained; the finance director described those ARPA expenditures as a way to meet ARPA spending deadlines while preserving internal general fund carryover.
Staff asked council members to review the monthly materials and to let staff know what supplemental detail they would like in future monthly packets; one council member requested additional time to review before offering a formal response.
Ending: Finance staff said they will finalize the Hinkle filing and that monthly reconciled reports going forward will include bank statements, the finance software itemization and notes explaining any adjustments.
