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Finance staff flag lower general fund cash, high interest earnings and several near-term filings
Summary
Clerk-Treasurer staff reviewed year-end and January reports, noting a reduced general-fund cash balance, large investment balances carried over from November, interest earnings, and required state filings and deadlines. Staff also raised a payroll Social Security overpayment that needs reconciliation.
Misha, a clerk-treasurer's office staff member, briefed the committee on year-end and January financial reports, telling members the general fund cash balance had fallen to about $5,000,000 in the January close and that one large November transfer of $50,000,000 affected the December/January investment balances.
Misha said total investments reported for December were roughly $61,000,000 and that interest earnings for the period were in the multi-million-dollar range. On the investment detail, staff cited an earnings line of $3,866,000.23 for one reported period and noted total investment interest approaching $4,000,000 across funds for 2023–24 reporting lines.
The committee discussed cash timing and budget-versus-cash distinctions: staff emphasized the city operates on a cash basis for many operational purposes and that revenues such as property-tax distributions and food-and-beverage taxes arrive on a monthly cadence that affects cash flow early in the fiscal year.
Misha told the committee the city had overpaid Social Security by roughly $150,000 year-to-date and that staff are preparing forms to recover the overpayment via Social Security procedures or quarterly reconciliations. Committee members asked that payroll and treasury staff confirm the filing steps and timing to recover the amount and ensure quarterly filings are correct.
Staff also reviewed near-term filing deadlines: the financial report due March 1, gateway contract uploads (early March) and a Feb. 28 annual debt affirmation. Staff said they would circulate a list of required filings and assist departments where vendor or 1099 name discrepancies exist.
Committee members requested clearer account labeling (for example, distinguishing corporate treasury investment lines from general-fund accounts) and asked staff to provide the Excel supporting files for the year-end close to appropriate advisers, noting public PDFs are available but that Excel workpapers are restricted for edit controls.
