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Finance staff reports strong tax receipts, flags internal service fund accounting under GASB review
Summary
City finance staff told the Budget and Finance Committee that strong January property tax receipts have improved sales tax and development-fee balances but that the city is reviewing internal service fund accounting to comply with GASB guidance.
Ms. Holdren, a finance staff member, told the Budget and Finance Committee on March 3 that the city’s fiscal-year 2025 financials are nearly complete and that large property-tax receipts in January have materially affected the statements.
She said the city had “made it to the January 28” close and that staff were finishing a short remaining review. “We are not following GASB as it stands right now,” Holdren said, referring to the Governmental Accounting Standards Board…
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