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Finance director reports clean audit, preliminary 2025 results and a budget formula error
Summary
Finance Director Julie Elsom told the council the 2024 audit was clean, preliminary 2025 revenues are tracking (47.6% of general fund collected), and she found a budget-adjustment formula error that made ending fund balances appear higher than they should; staff will bring corrected totals back to council.
Julie Elsom, Finance Director, presented the city’s preliminary financial status for 2025 and next steps for the 2027–28 budget at the Feb. 17 meeting.
Elsom said the exit conference for the 2024 audit produced a clean audit and that several corrective actions already have been implemented. She said additional policy and process improvements are planned for 2026 to strengthen documentation and internal controls.
On preliminary 2025 results, Elsom…
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