Idaho Falls finance leaders report stronger cash balances, disclose audit restatement for power and fiber work

City finance officials told the Idaho Falls City Council on Monday that the city’s overall cash position improved in the first quarter, and that investment strategy remains focused on safety and liquidity even as yields shift. They also reported a forthcoming audit restatement that will add about $12.4 million in previously uncapitalized power work orders and about $7.7 million in fiber work orders to prior-year balances.

Director Alexander, the city finance director, opened the quarterly financial presentation and said the team would cover cash balances, investments, a citywide budget-to-actual review, an update on American Rescue Plan Act obligations and the status of the annual audit. "So, you know, it's hard to believe that we're already in the first quarter," Alexander said before turning the presentation to City Treasurer Mark Hagedorn and Brooks, the assistant finance manager.

Nut graf — why it matters: The reports matter for council budgeting and for transparency about projects that affect multiple enterprise funds. Finance staff flagged stronger cash in some enterprise areas (including power and streets), explained temporary timing effects tied to bond draws and an airport payment, and identified a material accounting restatement that the auditors will report as a finding.

On cash and investments

Mark Hagedorn, city treasurer, said overall cash is increasing and pointed to factors behind big monthly swings. He told council that a sizable airport payment and bond drawdowns drove an apparent September jump…