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Finance director outlines $9.7 million in 2024 cash receipts and tighter asset rules
Summary
Peter, the city finance presenter, told the council the city processed about $9.7 million in cash receipts in 2024, described bank-account arrangements and said items valued over $5,000 will be capitalized going forward. Staff flagged process improvements and potential digital time-sheet adoption.
Peter, speaking for the finance department, told the South Ogden City Council that staff processed $9,700,000 in cash receipts last year and that the treasurer monitors daily bank inflows and outflows to maximize interest earnings. "Cash receding totals for 2024 that she had a part our front desk or Janine had a part in were $9,700,000," Peter said, introducing the treasurer and other finance staff.
Peter described the city's banking structure — Bank of Utah for primary accounts, a small Wells Fargo account for ambulance expenses, Chase for credit-card processing and Zions Bank for bonds — and said the finance team is watching market conditions and evaluating quarterly reviews with investment firms. He also told the council the city revised its capitalization threshold: "we consider any item over 5,000 in value a capital asset," and staff will no longer capitalize items between $1,000 and $5,000 while continuing to track them.
Why it matters: the cash-total and revised capitalization policy affect year-to-year budget reporting, depreciation schedules and audit controls. Peter said staff will present additional details, including a breakdown of 170 new business applications in 2024 and potential non-tax revenue options, at an upcoming retreat.
