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City finance staff reports $4.04M favorable variance for fiscal year ending 06/30/2026
Summary
Finance staff reported the city closed the year with a general‑fund cash balance of $29,825,000, revenues of $60,020,000 and expenditures of $55,979,000, producing a favorable benchmark variance totaling about $4,041,000; auditors expected later in the year to finalize accruals.
City finance staff presented the year‑end financial report for the fiscal year ending June 30, 2026, reporting a general‑fund cash balance of $29,825,000, revenues of $60,020,000 and expenditures of $55,979,000. The presenter said there is a favorable revenue benchmark variance of $1,527,000, a favorable expenditure benchmark variance of $2,513,000 and an overall favorable benchmark variance of $4,041,000.
Staff cautioned that a small number of accruals remain and auditors will complete fieldwork later in the year; they said most activity is closed out and expected to tie out during the audit process. Council asked whether the fund balance transfer to reserves would reflect these accruals; staff explained year‑end accrual entries will be booked and the fund‑balance entry will be made when the audit is completed.
