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Council directs reconciliation of quarterly holdings after CLA flags differences in reserves
Summary
Council asked CLA and finance staff to reconcile the quarterly investment holdings report to ACFR figures and provide an end-of-year itemized holdings report; CLA read the water and sewer revenue bond reserve as $4,304,568 at 09/30/2025.
Council members pressed for clarity about restricted versus unrestricted holdings after CLA identified differences between the quarterly investment holdings and amounts presented in the draft ACFR. Mayor Stanley asked staff to provide an end-of-year, itemized investment holdings report that separates restricted (bonded) funds from unrestricted cash so council can identify whether excess reserves exist for capital projects.
"Here's a revenue bond reserve of $4,304,568 at 09/30/2025," Scott Kerschnack read from the note to the financial statements while explaining bond indenture requirements for the water and sewer system. Council and staff agreed CLA would work with Katrina to produce a reconciliation that ties the quarterly holdings report to the ACFR.
