Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Government Finance topic
No spam. Unsubscribe anytime.
Schools and city report corrective-action progress; finance director says January revenues up, reconciliations caught up
Summary
City and school finance staff reported progress on FY23 audit corrective actions and internal-controls improvements; the finance director said January revenues are 3.6% higher than a year ago and that system reconciliations are up to date.
City and school finance staff reported Thursday on corrective actions from the FY23 audit and on internal controls changes, and the city's finance director presented the January financial report.
School-side corrective actions (presented by Amanda Kuchry and school business staff) included instituting monthly grant-account reconciliations between the school's ProFund ADS export and the city's Munis import, setting a target to complete exports by the second week of each month, cross-training staff to avoid untimely deposits, and adding a second reviewer to payroll-contract reconciliations after auditors found errors in a small sample of contracts. School staff said they are migrating to the city's financial software to reduce reconciliation labor.
Child nutrition claims were reworked after an auditor-identified error in one claim; the school now scans supporting documentation and requires a secondary check before submission. For deposits at Edward Little High School, the school cross-trained a backup for the administrative assistant responsible for deposits.
City-side corrective actions (presented by finance staff) include stricter procurement documentation: staff now must attach supporting documents to purchase orders over $1,000, obtain three quotes for purchases under $25,000 and competitively bid larger purchases. When a single-source vendor is used, documentation must explain the single-source determination. The finance office also created an approvals workflow so journal entries and transfers require a second staff approval and recorded justification for each entry.
Finance Director Kelsey Earl reported January results: revenue collections and reimbursements were 3.6% higher than the same period a year earlier (cited drivers: fewer delinquent taxpayers, excise from newer vehicles, and higher state reimbursements), and overall general fund expenditures were at 54.6% of budget compared with 59.3% at the same time last year. Investment holdings were reported with an average interest rate of 3.71%.
Facility notes: the arena showed a modest operating net loss of $15,264 year-to-date (seasonal pattern), while the Ingersoll Turf facility reported an operating gain year-to-date of $109,427 and higher operating revenues than last year; staff said some expenses are recorded across different departments which complicates direct comparisons but that the business-type reporting remains healthy.
Council action: the council accepted the finance report as presented.
