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Finance staff begin internal audit; April snapshot shows $11.2 million in general cash
Summary
City finance staff reported they have begun an internal audit of reserve accounts, are preparing the 2024 audit engagement, and provided an April snapshot showing $11.2 million in general cash and other fund balances; sales tax receipts were not yet available.
Amy, a member of the city finance staff, reported the finance office has begun a full internal audit of reserve accounts and is working on the fixed-assets module while awaiting final audit adjustments from the 2023 audit before completing 2024 work.
Amy said the April report covers year-to-date through February and presented cash and investment figures: general cash $11,200,000; investments $5,950,000; checking $4,300,000; money market $687,000; other $259,000; restricted cash $629,000. She also noted the general fund is at 47.3% year-to-date, above the guideline in part because of conduit accounts for the industrial park and a daycare center.
The finance update said sales tax receipts for April had not been received as of the meeting; staff offered to update commissioners by email when those figures arrive. Amy told commissioners she plans to complete work on the 2024 audit engagement once the auditors finish 2023 adjustments.
No formal action was recorded on the finance update; commissioners asked clarifying questions but took no vote.
