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Draft audit shows Geneseo general fund up $1.4M; council approves treasurer’s and bills reports
Summary
The city’s draft annual financial report received a clean unmodified opinion in draft form; auditors said a pending IMRF revision may require note changes. Council approved the treasurer’s report, capital asset reports and payment of city/utility bills by roll call.
Auditor Lauderbach presented the city’s annual financial report in draft form and told the council the audit team issued a clean unmodified opinion on the draft. Lauderbach said a pending revision from IMRF could require accounting note adjustments but is not expected to change the audit opinion once evaluated.
Lauderbach reported the city’s general fund had a net increase of about $1.4 million in the current year, leaving an ending general fund balance of about $11.4 million. He explained there was a restatement related to construction in progress and accumulated depreciation for the utility funds and noted the audit remained draft until IMRF provided its revised reports.
After the audit presentation, the council considered routine financial business. Finance Director Jamie presented the budget book and treasurer’s report and answered council questions about timing of county tax allotments (June, September, November). The council approved the treasurer’s and capital asset reports (motion by Arnold, second by James) with a roll-call vote recorded as all present voting yes.
The council then approved the consent agenda items (including a county hazard-mitigation plan resolution and Route 6 TIF drainage improvements) using the omnibus method (motion by Arnold, second by Chavez) with roll-call unanimous approval. Finally, council approved payment of city and utility bills, including capital items such as a variable-frequency drive purchase and a Tri City Electric transformer pay application (motion by Arnold, second by Rothschild); roll-call was unanimous.
Auditors and staff said the final audit will be circulated once IMRF issues its updated report and any required adjustments are made. No further action on the draft audit was required at the meeting.
Votes at a glance: 1) Approval of treasurer’s and capital asset reports — motion by Arnold, second by James; roll call all yes. 2) Omnibus consent (items 11.1–11.4) — motion by Arnold, second by Chavez; roll call all yes. 3) Approval of city and utility bills — motion by Arnold, second by Rothschild; roll call all yes.
