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Council accepts annual audit; presentation notes pension and new debt impacts
Summary
Council approved the city's annual audit after staff outlined an actuarial increase in net pension liability and a new $6 million note affecting unrestricted balances; council voted to accept the audit as presented.
The Clarket City Council moved March 4 to accept the city's annual audit after a presentation by a finance presenter (unnamed). The presenter said two items drove changes from the prior year: an actuarially determined increase in the city's net pension liability and a new $6,000,000 debt note recorded as noncurrent that temporarily reduced unrestricted cash balances until…
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