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Price Page Finds Reporting Shortcomings; City Finance Figures and Project Overruns Draw Public Scrutiny
Summary
Price Page and Company told the council Oct. 28 that the city’s monthly accounting reports had shortcomings and that the firm had confirmed at least $6,000,000 in general-fund operating cash as of June 30, 2025.
City staff read a statement from Price Page and Company during department reports on Oct. 28 saying the city’s monthly accounting report “is not a true picture of the current general fund cash fund balance” and that the firm would provide a more accurate report going forward. The staff message included this sentence: “Price Page and Company has confirmed that there is at least $6,000,000 general fund cash balance as of 06/30/2025.”
Following that presentation several public commenters and analysts challenged the timeliness and clarity of the finance documents. A public speaker who said they had reviewed the monthly financial statement reported the document was four months out of date, conflated cash and fund-balance terminology, and omitted several cash funds and accrued payroll. The speaker estimated that when funds are decoupled and debts are unmasked, the city’s liabilities appear substantially larger than suggested by the commingled presentation in the June report.
Citizens specifically cited two street capital projects with notable overruns — one with reported expenses 92% above budget and another 23% above budget — and questioned why the council had not been alerted earlier. One speaker said the street capital improvement fund (Fund 94) shows a negative cash balance of about $4.77 million and asserted that co-mingling operating and capital funds understates true indebtedness.
Councilmembers asked staff to pull the finance item for revision and signaled they expect an updated report from Price Page and Company. Councilmembers also asked that further information be shared with the treasurer and that staff and Price Page provide corrected monthly accounting statements and an explanation of the differences between cash and fund-balance presentations, accrued payroll, and omitted cash funds.
What happens next: Staff said Price Page will produce revised monthly accounting reports and that the council will be provided corrected statements to reflect accurate unrestricted cash and fund balances. Several councilmembers requested copies of contracts and a fuller accounting of capital-project overruns and debt obligations before taking further fiscal actions.
