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Council auditor: unaudited year-end snapshot shows $33.6M net growth to reserves but many carryforwards mean final numbers will change
Summary
Auditor Kim Taylor presented a quarterly summary showing a $92 million positive variance on a snapshot basis, explained most of it is carryforward revenue, and reported underlying growth to operating reserves of about $33.6 million before appropriations and adjustments.
Council Auditor Kim Taylor told the Finance Committee on Jan. 6 that the quarterly summary (Report 899) shows substantial unaudited variances at year end but cautioned that many dollars are carryforwards and that final audited adjustments remain pending.
"You will see that current year, your far right column is a $92,000,000 positive variance," Taylor told the committee, adding that much of the favorable variance reflects funds that will be carried forward into the next fiscal year rather than added to available operating reserves.
Taylor summarized the arithmetic: the city's available unassigned operating reserves stood at about $392 million at Sept. 30; after adjusting for carryforwards and known year-end entries, unaudited growth of roughly $33.6…
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