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Treasury flags long-outstanding checks and bank-balance reporting errors; staff plan cleanup
Summary
Treasury and finance staff told the committee that a portion of the bank-balance display is distorted by outstanding checks dating back to 2022 and older; staff said they will reconcile or write off long-outstanding checks and coordinate with the treasurer to clean up account reporting.
Treasury and finance staff told the committee that the cash-balance figures shown in the packet reflect a number of long-outstanding checks—some going back to 2022—and that the current presentation makes the account look far more negative than the actual cash position once those items are reconciled. "It's just kind of a mess," treasury staff said, describing outstanding checks, sweep-account activity and a plan to work with the treasurer to reconcile items and shrink the negative-looking balance.
Members asked whether the sweeping activity and nightly transfers were contributing to the appearance of a $6 million negative balance; staff explained the bank "sweep" arrangement moves funds for interest and that, once the outstanding-check project is completed, the working bank balance will appear more normal. Staff said they will prioritize the reconciliation, coordinate with the treasurer and report back to the committee with cleaned statements.
