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Finance committee reviews bank reconciliations; staff flags $85,000 bank account and $118,000 of prior reconciling items
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Summary
Norwood finance staff provided bank reconciliations for Aug — through Dec. 2024, identified an $85,000 bank account not on the city's books and about $118,000 of reconciling items from 2022 that require journal entries to resolve.
Finance staff distributed printed bank reconciliations for August through December 2024 and reviewed reconciling items with the committee. The reconciliations show beginning and ending balances by account, month-to-month revenue and expenses, and several reconciling entries staff said must be corrected with journal entries.
Staff identified an approximately $85,000 bank account the bank reported but that is not in the city's books; staff said they will treat the funds as miscellaneous revenue, deposit them to the city's records and close the account. Finance staff also pointed to about $118,000 of reconciling items that appear to date to 2022 and said each will require individual adjustments in the general ledger.
Other items the committee discussed include an unresolved water-related pay-in and a remaining balance in a water-related account of about $47,000 that staff are working to close. Staff said several U.S. Bank accounts have been closed already; the remaining legacy accounts should be closed within months as random outliers clear.
Committee members asked for server access to the shared folder containing monthly reconciliations and statements so council members can review the materials remotely. Staff said reconciliations will be provided monthly going forward and acknowledged a temporary delay caused by staffing absences earlier in the reporting period.
