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City finance office reports audit draft, OPEB note and sales tax decline
Summary
Finance staff presented the March 2026 financial update: the draft 2024 audit is under review with one qualified opinion tied to OPEB actuarial reporting; the city is implementing AP automation; cash on hand is about $9.67 million and sales tax receipts show a month-to-month and year-to-date decline.
Amy presented the finance update for March 2026 to the commission, noting receipt of the 2024 draft audit and that it is currently under finance review. Staff reported improved results from prior years but a qualified opinion related to OPEB actuarial valuation requirements; the single-audit review remains in progress.
Amy and Jameson described an upcoming AP automation rollout in the Tyler system to move invoice processing from paper to an electronic workflow, which staff expect will route roughly 90% of claims through the digital system once implemented. Amy gave a summary of cash and investment balances (about $9.67 million in cash on hand across funds) and noted timing differences affect year-to-date comparisons. She reported sales tax receipts for the reporting period were down, with the meeting transcript noting a decline of 13.1% for the most recent month and 9.4% year-to-date.
Commissioners asked clarifying questions about OPEB (other post-employment benefits) actuarial reporting and the timing of sales tax collections; staff provided explanation of actuarial projections and timing effects on sales-tax accounting.
