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Officials report FY24 audit posted and staff preparing FY25 work, encumbrances and mill‑rate memo
Summary
Finance staff said the FY24 audit is posted online and that they have entered FY24 journal entries; staff will meet to discuss FY25 encumbrances and present a memo on valuation changes tied to a 2.9% net levy increase before tax bills are printed.
A finance staff member reported to the Finance Committee that the FY24 audit is posted on the city website and that staff have completed the audit journal entries needed to close FY24. The staffer said the team will now focus on FY25 work, including meetings with department leads to review encumbrances and identify available funds for presentation to council.
"The audit is posted on the city website," the finance staff member said, and added that auditors from RHR, represented by Ron Smith, will join next Thursday's meeting virtually and attend the council meeting on Sept. 15 to discuss the audit.
Separately, the City Manager said staff are finalizing a memo about valuation changes that affect distribution of a 2.9% net levy increase in city services. He said the memo will explain how changes to commercial, residential, waterfront and non‑waterfront property valuations change the mill‑rate distribution and will be circulated to council so bills can be printed and mailed on schedule once decisions are finalized.
Staff emphasized the need to complete reconciliations before encumbering funds beyond capital projects and noted ongoing efforts to improve procurement, documentation and training for a newer management team. Consultant Sue Lassard was identified as someone who will be involved in upcoming sessions to define the role of council in these processes.
Why it matters: The posted audit and the forthcoming mill‑rate memo affect the city's financial transparency and timing of tax bills; council and citizens rely on accurate reconciliations before budget decisions and encumbrances.
What’s next: Staff will meet with department heads and auditors, circulate the mill‑rate memo when final numbers are available, and return to council and the Finance Committee for further action; no vote was recorded during the meeting.
