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Treasurer reports $12.07 million cash on hand at fiscal year-end (unaudited)
Summary
City Treasurer James Westman presented the June 30 unaudited report showing $12,068,000 in cash ($5,243,000 unrestricted; $6,825,000 restricted), year-to-date revenues about $1,064,000 above budget and expenditures below budget; staff noted figures are subject to audit adjustments.
At the July 14 meeting the City Treasurer presented the unaudited fiscal-year-end report. The city held $12,068,000 in cash across accounts on June 30, with $5,243,000 classified as unrestricted and $6,825,000 restricted. Year-to-date revenues were $8,662,000 compared with budgeted revenues of $7,598,000; expenditures ran about $6,000,578 against a budgeted $7,598,000. The treasurer emphasized the report is unaudited and that changes will likely appear once the formal audit is complete.
Council members asked whether the roughly $1 million positive variance was timing (projects not yet completed) or structural. The treasurer and staff said much of the variance is timing and that projects not completed will be carried into the next fiscal year; they also noted a deposit posting error that will be corrected in the July accounting when an amount posted to the wrong account is moved back.
