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Gervais budget packet shows $392,282 general-fund deficit for FY24
Summary
Budget officer and auditors told the committee the city's general fund had a reported deficit of $392,282 as of June 30, 2024 and that expenditures exceeded revenues by about $406,000; auditors cautioned the number is affected by unreconciled items.
Rick Holmau, the city's appointed budget officer, reviewed the audit packet and highlighted the general fund as the primary fiscal concern, citing the audit text that lists a deficit fund balance of $392,282 as of June 30, 2024.
Auditor Ryan Pascarella said the financial statements showed expenditures exceeded revenues by about $406,000 during the year, but cautioned that unreconciled bank items mean the exact balances could change when reconciliations are completed. "We could not get something from the city that allowed us to be comfortable with your ending cash balance in there," Pascarella said. Committee members discussed how the numbers will be refined as staff completes FY25 reconciliations.
