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Council asks auditors about TERS3 and management district accounting; TERS3 balance $14.1M
Summary
Councilmember Brown Marshall asked why TERS3 was not displayed on a slide; auditors pointed to the ACFR combining schedules and said TERS No. 3 has an ending fund balance of $14,100,000 and that management districts hold their own funds off the city's books.
Councilmember Brown Marshall asked why the slide deck highlighted TERS2 but not TERS3. Auditor Lupe Garcia said TERS3 is included in the financial statements but aggregated into the nonmajor funds column when it does not meet the qualitative threshold for separate presentation.
"So if you look onto page...106...you see TERS number 3 has an ending fund balance of $14,100,000," Garcia told the council, directing members to the detailed combining statements in the ACFR. He added that combining schedules in the published report show individual nonmajor funds for readers who want the line‑item balances.
Council and staff also clarified that management districts hold their own funds and the city would not record those districts' funds on the city's books, though the city does record contractual liabilities related to Sienna Management District debt when appropriate.
