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City finance director briefs council: auditors coming, transfers explained and debt totals reviewed
Summary
City staff reviewed year-end finances, noting auditors will review books July 28–29, a $132,000 water-to-sinking-fund transfer and larger planned transfers, and reported outstanding project debt including about $8 million for sewer and $3 million for streets.
Staff member (speaker 3) presented the year-end financial report and explained the treatment of transfers in the FY27 numbers, telling the council that auditors are scheduled for July 28–29 to review books through June 30. "Our auditors coming July 28th and 29th to review those and a whole list of other stuff," he said, and walked the council through a spreadsheet showing budgeted vs. actual expenses and remaining fund balances.
Speaker 3 told the council the city had roughly $8,800,000 in cash across funds on the date the spreadsheet was prepared and outlined outstanding project debt: "We owe 8,000,000 for the sewer project, and we owe about 3,000,000 on our streets," with maturities in 2029–2030; he noted the sewer loan pay-down could take decades. Staff also said the packet reflected transfers already made and planned, including a $132,000 transfer from the water fund to the water sinking fund and a previously approved $1,000,000 transfer from electric toward a square project.
Councilors asked whether some recent or planned expenses were needs versus wants; staff replied that many equipment items are fairly new and the city has generally been conservative. The resolution for FY27 and the associated transfers were presented as part of the packet and council members indicated assent during roll call.
