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Council hears finance report showing the city operating in the red
Summary
City staff presented a monthly financial spreadsheet showing estimates corrected mid-year and said the city is running a deficit in recent months; staff highlighted a roughly $40,000 net loss last fiscal year and about $15,000 shortfall after two months into the fiscal year.
City staff presented the monthly financial report at the Sept. 24 council meeting, noting an error in preliminary figures and explaining how the city's year-end profit-and-loss statement revised an initial $87,000 loss down to roughly $40,000.
"If the number is red, we lost that month," Staff member said while walking council through a spreadsheet that tracks receipts across the top and expenses along the bottom. Staff said the current fiscal year is two months in and the ledger shows the city is behind about $15,000 so far.
Council members asked for clarity and staff indicated the spreadsheet uses estimates in one row that can overstate near-term losses until year-end reconciliation. The report also flagged recent grants and insurance recoveries that helped cover facility repairs: an $8,000 OPRD reimbursement grant, a $25,000 Ford Family Foundation award, and an unexpected insurance payment of roughly $6,700 that funded roof repairs and added insulation at the library/museum (total roof cost estimated at about $41,700).
The council did not take specific budget-balancing actions at this meeting; staff said more detailed year-end numbers will be available on the formal P&L and urged members to watch monthly reports as they plan for budget decisions.
