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Committee seeks reconciliation of $5.3M in investments after year-end snapshot shows low interest income
Summary
Peter Brown presented a year-end snapshot showing a tightened operating deficit and reported general-fund interest income that committee members said looked low given an investment balance (staff reported about $5.3 million invested); members requested the allocation schedule and a reconciliation of interest and amortization entries.
As the committee reviewed the year-end snapshot, Peter Brown reported that an operating fund deficit had narrowed from a $362,000 shortfall to about $44,000 after April tax receipts and other late items. He also reported interest income numbers for the general fund that several committee members questioned as low relative to reported invested balances. Committee members flagged a $5 million-plus investment referenced in the financials and asked staff to show the allocation spreadsheet and the amortization of any discounts so the total interest income is properly recognized across funds.
One committee member said, "If you got 5 plus million dollars and then you've only got $73,000 of revenue from that, have you allocated all the other funds?" Staff responded that most interest had been allocated across funds by average cash balances and that the detailed allocation table would be shared offline for review. The committee asked staff to reconcile the general-fund interest recognition and to confirm whether amortization of discounts on investments had been included in interest income.
