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CFO says FY26 revenues still being recorded; audit begins August 3
Summary
City CFO Basha Gerlach told the council the city is operating across FY26–FY28 for accounting purposes because some state revenues will post after June 30; the FY26 audit begins Aug. 3 with follow ups in October and November.
CFO Basha Gerlach gave a short fiscal update at the council's July 22 meeting, saying the city is working across three fiscal years (FY26, FY27 and FY28) because revenues tied to the June 30 close are still being recorded under the city's modified‑accrual accounting practice. "We're working fiscal year '26, '27, as well as '28," she said.
Gerlach said several state payments that should be posted to FY26 were scheduled to arrive late in July (some on July 24) and therefore presenting a finalized June 30 report would be inaccurate. She explained the city's 60‑day lookback policy for recording revenues and that some vendor invoices for June may continue to arrive into September.
The CFO said the FY26 audit will begin with on‑site work on Aug. 3, with additional audit visits in the first week of October and the first week of November, and a target to have a final report by mid‑December. Council members asked for a deeper future briefing on property‑tax reform, and Gerlach noted the state rollback number — a key input into local revenue estimates — usually posts around Oct. 15 and sometimes on Nov. 1.
Gerlach also said the budget team is preparing a calendar for FY28 and is starting payroll projections, the largest expenditure item for the city.
