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Board hears FY27 budget update and audit concerns; voters to decide budget June 9
Summary
Finance director told the board the FY27 budget has city council approval and will go to voters on June 9; finance staff reported improved tracking via encumbrance software, ongoing reconciliation work after the FY25 audit, and that the city offered up to $2 million in debt forgiveness if needed.
The board received a finance update on the FY27 budget and audit work at its May 11 meeting.
Abigail Ketchin, the district’s finance director, said, “We have the budget approved through city council, and the next step is with the voters. That will be on June 9.” Ketchin described testing of payroll encumbrance functionality in the city Munis software to yield more accurate year-end projections and said reserve accounts contain a mixture of small grants and legacy transfers that will likely require corrective transfers before FY27 begins.
Ketchin also reviewed the FY25 audit materials and a February management letter that lists findings and planned corrective measures. She said the district should expect some audit findings during the reconciliation process and that “the following fiscal year…is where you really should expect…to show, you know, really significant progress on our reconciliation procedures.”
During the finance update members noted fiscal pacing (83% of the fiscal year elapsed, with 96% of funds expended or encumbered) and asked for additional detail on reserve accounts. A member also noted the city council had voted to provide “up to $2,000,000 in debt forgiveness” to the district if required to cover outstanding obligations.
Ketchin said the district will present a plan to make the transfers needed to start FY27 in balance and that some audit findings already have resolved items (for example, a returned payment and a corrected workflow for supervisory journal approvals). The finance director said the FY27 audit should show noticeable progress if reconciliation procedures are fully implemented starting July 1.
