Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Council approves Q1 financial report; city shows cash decline after bond payments
Summary
Kenyon's council approved the Q1 (as of March 31, 2026) financial report after a staff presentation noting a $585,603 decrease in cash and investments attributable largely to scheduled bond payments; staff said property-tax distributions later in the month should restore balances.
The Kenyon City Council voted to approve the city's Q1 financial report after a staff presentation summarizing audited year-end adjustments and quarter-to-date variances.
Jesse (speaker 5), who prepared the report, told the council the city showed an overall decrease in cash and investments of $585,603 from the start of the year, driven primarily by bond payments due early in the year. She said the decline was expected and that the property-tax settlement later in the month will replenish checking balances. Jesse also walked members through fund-level variances, noting timing differences in intergovernmental receipts and accounting entries that contributed to apparent variances in the general, water, sewer, electric and other enterprise funds.
Administrator Scott noted that KMU bank accounts had been closed and funds moved, and he thanked staff and a signer who helped complete the transfers. Jesse said the general fund remained below a 50% reserve benchmark and agreed to provide an updated reserve figure to Scott for follow-up. Council members approved the report on a motion and voice vote.
No budget transfers or new appropriations were authorized at the meeting; staff scheduled department-level budget meetings and a July work session to continue the 2027 budget process.
