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Finance director flags mapping and billing errors in quarterly update; staff to supply spreadsheets
Summary
Finance delivered a first-quarter revenue and expense update noting mapping/miscoding issues, an online utility-billing posting glitch affecting reported revenues, and upfront annual software and insurance payments that skew quarter-to-date numbers; staff will provide Excel reports and correct mapping entries.
The Lago Vista finance director presented first-quarter financials (through Dec. 31), noting several timing and mapping issues that affect how revenue and expenses appear in the ledger.
Nicole (finance) explained many variances are timing-related — for example, Logofest revenue and certain annual license and insurance fees occur unevenly across the year — but she identified miscoding and mapping errors that staff will correct through journal entries. The utility fund experienced a January posting glitch when one billing cycle included an extra meter read; staff is working with the billing vendor to correct posted revenue and has identified the actual totals for council review.
Council asked for the underlying reports in Excel so they could review line-item detail; Nicole agreed to post the presentation and spreadsheets and to continue weekly checks on expenditures. Staff also noted that staff and the auditing team are reviewing chart-of-accounts changes and how CIP and impact-fee revenues are mapped to ensure clearer reporting going forward.
No policy actions were taken; staff committed to return corrected spreadsheets and to continue tracking potential yellow-flag items in the next quarter.
