Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finances topic
No spam. Unsubscribe anytime.
Council hears finance report: $620,000 IRS payment cited for year-over-year cash decline
Summary
Council finance staff said the city's bank balance is about $600,000 lower than a year ago, largely because of a $620,000 IRS payment; department spending rates were reported at roughly 90–92 percent of budget.
Alexander City councilors on Nov. 6 were told the city’s cash position is roughly $600,000 lower than at the same point last year, a shortfall officials said is primarily explained by a required $620,000 IRS payment.
“Something that Romy said that we have to pay our IRS payment of $620,000,” Unidentified Speaker 1 reported while reviewing bank statements and year-over-year comparisons.
Staff said most departments remain close to budgeted levels, with departments reported at about 90–92 percent of their budget year-to-date. Speaker 2 explained a bookkeeping issue that showed a negative amount on the report: a revenue item had been posted to an expense account and would be corrected with a journal entry.
No new budget amendments were proposed at the meeting. Councilors asked questions about accounts and journal entries and staff said they would follow up with corrected postings and additional detail if needed.
The finance remarks were part of the regular reports section and prompted no formal vote; council members thanked staff for the overview and asked for follow-up explanations on certain line items.
