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Board accepts financial statements showing $50.5M ending balance and multi-line net income figures
Summary
Finance staff reported cash and cash equivalents of 65,000,000, investments with a $16.3M cost basis, and a general fund ending balance of 50,500,000 (about 6.2 months reserve); the board approved the financial report by voice vote.
A finance staff member (speaker 7) presented the September financial statements and year-end summary to the board. He reported cash and cash equivalents totaling 65,000,000 and investments and related receivables at a $16,300,000 cost basis. The presentation listed a net income figure of 527,000 on one page and an "Account reflects net income of $1,800,000 for the fiscal year" on another line of the report; the staff presentation did not reconcile those two lines during the meeting.
The presenter said the general fund ending balance at the end of September was 50,500,000, which he characterized as roughly a 6.2-month reserve, and described modest increases in sales tax and other local revenues. After questions, the board moved to accept the financial report; a motion and second carried by voice vote.
