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Council approves FY23–24 transfers and annual financial report; staff flags accounting-software upgrade cost
Summary
Council approved transfers to close FY23–24 accounts, accepted the annual financial report (ending fund balance $10,851,425) and heard staff say a vendor cloud migration would cost about $225,000 after server/software incompatibilities delayed October financials.
Carter Lake’s council approved a package of budget transfers needed to complete the FY23–24 annual report and voted to accept the city’s financial report for the year ending June 30, 2024.
Finance staff explained that transfers move local-option sales tax, casino fund proceeds and general-fund amounts among debt-service, community-center construction and property-tax relief accounts so the annual reports reconcile. The audit-based annual financial report was presented in the council packet; the report shows a June 30, 2024 ending fund balance of $10,851,425 and lists current city general-obligation debt and revenue debt related to community projects.
Staff also explained a technical issue: during a recent server migration the city discovered the existing accounting software is old and not fully compatible with new servers, which led to missing postings and delayed completion of October financial reports. The vendor quoted an estimated $225,000 to migrate the system to a cloud-managed solution and maintain service. Council recorded approval of the transfers and the financial report and directed staff to continue work with auditors to finalize the formal audit within weeks.
The council recorded roll-call approval of the transfers and the annual financial report; staff will return with finalized audit materials and any recommended procurement steps for software replacement.
