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Council reviews October financial report; water-rate increases noted
Summary
Council reviewed October financials: cash-basis statements showed the city roughly breaking even after early-year activity; members noted water-rate increases effective in November and recent unplanned repair expenses at Elliott Ranch.
Chair (S3) presented the October financial report and reviewed the city’s cash-basis statements for the first month of the fiscal year. The chair said the city has funds in bank accounts (transcript figure referenced) and reported that revenue exceeded expenses by a modest amount for the month.
S3 noted that water rates increased and went into effect in November and that the city has limited reserves—council has spent over $70,000 at Elliott Ranch on repairs and is not building a large reserve. Staff said monthly statements are prepared on a cash basis and reconciled with PGMS reports; audits and accrual accounting occur at fiscal year end.
Council members asked for clarifications about transfers between accounts and how checks (including one to BK Drilling for a retainage payment) will clear. No formal vote on budget changes was recorded during the meeting.
