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Staff reports reconciliation complete; committee discusses FY25 surplus, state match and next-step approvals
Summary
Staff described reconciliation between Munis and an internal Excel ledger, reported an interest-related FY25 surplus and noted some state-match and surcharge revenues may require city-council action before use.
Naomi and the committee’s financial consultant, Daniel, reported that the committee’s internal Excel tracking spreadsheet has been reconciled against the city Munis accounting reports. The reconciliation identified a number of minor questions (four items) that staff plan to review with Tanya, the city auditor.
Naomi said the committee recorded higher-than-expected interest income for the fiscal year (noted in the meeting as approximately $71,000) and a small "other income" line of about $3,500 that staff are tracing. Committee members discussed whether funds are immediately available for committee use: staff said interest income that is already in the general fund is available, but certain state-match and surcharge lines require formal budget action by city council before the committee may expend them because they were not included in the committee’s budget for the year. A committee member explained that last year access to similar funds came via a budget amendment submitted to council.
Daniel has been reconciling five years of project pages in the spreadsheet; staff said the long-term goal is to shift routine maintenance to Naomi and reduce consultant hours while keeping Daniel available for targeted assistance. Naomi and Jay said they will meet to review every project page from FY19 onward to identify unexpended balances that could be reallocated.
