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Finance director: October shows sales-tax uptick; audit scheduled for mid-December
Summary
Finance Director Lehi Desai presented the October financial report noting an audit schedule beginning Dec. 16 and sales-tax increases of $75,000 (October) and $48,000 (November) compared with the prior year, with ARPA accounting entries affecting how federal spending is reported.
Lehi Desai, the city—s finance director, presented the October financial report and highlighted several items for council consideration.
Desai said a premium renewal significantly affected net cash for the month and explained a mistake in the packet where bond payments were temporarily shown in the street fund; he said the audit process will reconcile those figures. The city—s audit team is scheduled to begin preliminary work and then be on-site from Dec. 16 through Jan. 9 for the full audit.
Desai also discussed federal grant accounting: some ARPA expenditures were journaled into the prior fiscal year to avoid separate single-audit cycles, and he noted that the city exceeded single-audit thresholds related to federal fund spending this year. On sales tax performance, Desai said October receipts were $75,000 higher than the same month last year and that November receipts were $48,000 higher, a combined $125,000 increase year to date compared with the prior year.
Council approved the October financial report by roll call. Desai and councilors discussed projections, contingency planning and next steps for the audit and monthly reporting.
