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Treasurer reports $514,067 in bank balances; Council accepts preliminary June financials
Summary
Treasurer Marilyn Barton presented the preliminary financial reports for the period ending June 30, 2012: bank balances of $514,067.11, Net Operating Income $60,798, Net Capital Loss ($13,978) and Overall Net Income $46,820. Council approved the report unanimously; Gala expenses of $5,374.16 remain under committee review.
Treasurer Marilyn Barton presented Clifton's preliminary financial reports for the period ended June 30, 2012 at the July 3 Town Council meeting, reporting bank account balances of $514,067.11 and an overall net income of $46,820 for the period.
Barton told the Council that the first tab of the report "reports the Bank Account Balances totaling $514,067.11 as of 6/30/12" and that the Consolidated Profit & Loss Budget Analysis showed Net Operating Income of $60,798 and a Net Capital Loss of ($13,978). She said the Detailed Profit & Loss tab includes proceeds from the Gala event and that the Gala expenses were reported as $5,374.16 but must be reviewed with the event committee before the expenses are booked. Barton emphasized the report is preliminary and accruals for July and August remain to be recorded.
Councilmember Wayne Nickum moved to approve the Treasurer's Report; Mayor William R. Hollaway seconded the motion and it was approved unanimously.
