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City auditor/staff present unaudited Q3 financial report; council accepts pending audit adjustments
Summary
Jesse presented the unaudited third-quarter (Sept. 2025) financial report, noting a $29,513 increase in checking and $2.1 million increase in investments; council accepted the report and staff said several posting errors found during audit prep were corrected in audited numbers.
Jesse presented the city's unaudited third-quarter financial report (period ending Sept. 30, 2025), walked council members through cash and investment balances, and explained material variances and the audit process that will produce final numbers.
Key figures and points from Jesse's presentation: checking increased by $29,513 and investments increased by $2,100,000 (with a money-market increase of about $674,000 and CDs of roughly $1,500,000 noted); petty cash/ATM balances remained at $3,000. Jesse emphasized these figures are unaudited and that the audit process produced journal entries that changed some numbers (for example, the way sewer revenues were posted was fixed during audit review). She also identified a $42,000 IRS payment related to prior-year payroll corrections that was reallocated during the audit work.
Jesse said the report breaks out general fund cash balances, treasury yields, and a page-by-page analysis that flags variances greater than the defined thresholds; she walked through the reasoning for variances tied to property-tax timing, bond proceeds and transfers, and capital purchases (including a Bobcat and a loader purchased in prior years) and noted the need to present the audited numbers for the final 4th-quarter reconciliation.
A council member moved to accept the third-quarter report; the council voted "Aye" and passed the motion. Council members and staff agreed the final audited report will be presented after completion of the audit and that staff will prepare an easier-to-read schedule summarizing outstanding bonds (annual payments and termination dates) for future review.
