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Committee presses administration for completed financial statements and audit timeline
Summary
Committee members said the city must finish 2023 financial statements before the audit can begin and asked for month-end reconciliations and October–December reports; staff said bank reconciliations for October and November were provided and December is soft closed.
The Cleveland Heights Finance Committee spent substantial time pressing the administration for completed financial statements and a clearer audit timeline.
Consultants and finance staff told the committee the 2023 audit cannot proceed until the city’s 2023 financial statements are finalized and prepared for the auditors. Frank Eich, introduced by the chair as a consultant working with the administration on financial statements, said, “On the back end of that, once those financial statements are done, that's when the audit will be performed by SELPCO.” Committee members said they want October and November monthlies and a near‑final December close so council can reconcile the budget book to the appropriations ordinance and verify year‑end fund balances.
Finance staff reported they provided bank reconciliations for October and November and described December as in a “soft close” stage; staff said they expect any remaining changes before the hard close to be minimal. Committee members asked the administration to circulate updated financial statements, including department-level payroll and personnel comparisons, and to provide an updated expense report through Dec. 31 so the council can quantify year-end variances including savings from unfilled positions.
The committee left the item open pending receipt of the detailed budget-book reconciliations, year-end fund balances and the department-level breakdowns. Staff said the financial statement completion is the prerequisite for the audit by SELPCO and that bank reconciliations have been submitted for review.
Key clarifying details discussed during the meeting included: the need to reconcile the budget book with the appropriations ordinance so councilors can trace department-level requests to specific funds; confirmation that December remained soft-closed at the time of the meeting; and that the finance capital projects fund (Fund 402) and other restricted funds have balances that must be reflected correctly in the year-end statements.
Committee members requested paper copies of updated expense worksheets and asked staff to follow up with the full reconciliations before the committee’s next meeting. No formal action or vote on the audit schedule was recorded during the meeting.
