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City reports modest reserve growth; September financials reviewed
Summary
The council reviewed the September 2024 financial statements showing combined reserve balances of about $1,931,520—roughly $39,000 higher than the previous year—and learned the city will convert annual cash-basis statements to accrual accounting for year-end fund division.
Staff presented the September 2024 balance sheet and revenue-and-expense statements and summarized the city's cash balances.
According to staff, the combined tax-pool and Broadway Bank balance was $1,931,520, about $39,000 larger than the prior year. The presenter noted these financial statements are prepared on a cash basis and that staff will convert to accrual accounting at year-end to divide funds between the water fund and the city's general fund. Council discussed whether a formal vote was needed; staff said no motion was required to receive the report.
Members asked about audit timing; staff said the audit is planned for March. The council also noted that $70,000 spent on Elliott Ranch repairs will be capitalized and reclassified from expense to a capital asset in the year-end adjustments.
