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Snyder Chamber audit presented; city financial report shows November deficit offset by lagged sales tax receipts
Summary
Ricky Bowman presented the Snyder Chamber of Commerce audit, explaining separation of hotel/motel funds from chamber operations; council also reviewed November financials showing $1.7 million in revenues and $2.2 million in expenditures (a $535,506 deficit), and approved the monthly financial report while staff noted sales-tax receipts delayed by two months should cover the shortfall when posted.
Ricky Bowman presented the Snyder Chamber of Commerce audit and told the council the chamber has separated hotel/motel funds from its general operating fund to clarify which receipts are fiduciary (hotel/motel) versus chamber operating revenues.
“We split it out even further, the hotel, motel money from... the general fund of the chamber,” Ricky Bowman said, describing a $439,000 fund balance for chamber operations and detailing hotel/motel fiduciary balances and a receivable from the city for late collections.
Separately, council reviewed the city’s November financial report: staff reported $1.7 million in revenues and $2.2 million in expenditures, leaving a $535,506 deficit in the monthly snapshot. Staff cautioned that sales-tax receipts are reported two months behind and estimated the two-month receipts the city will ultimately record could total about $600,000, which staff said would remove the apparent deficit.
Council approved the Snyder Chamber audit and unanimously approved the monthly financial report; staff said the official audit will be available March 31 and will provide final figures for the prior year.
