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Hays council flags earlier annual audit deadline, reviews year-end finances
Summary
Council reviewed year-end finances — reporting about $1.887 million in bank balances, a $43,000 operating shortfall (including a $161,000 capital item) and higher water sales — and discussed a new requirement to complete annual audits within six months.
The Hays City Council reviewed its year-end financial statements and directed staff to tighten the timeline for annual audits.
The council's finance update said the city ended the fiscal year with roughly $1,887,000 in bank balances, with expenses exceeding revenues by about $43,000; that gap reflects a capital expenditure the presenter identified at roughly $161,000. The presenter said water sales were about $65,000 higher than the prior year, which helped offset lower interest income. "We ended up the year with $1,887,000 in in textbook and Broadway Bank," the Chair reported.
Council members discussed converting the cash-basis records to accrual accounting for year-end reporting, adding depreciation, and updating accounts payable and receivable. The Chair told the council the city will now require the annual audit to be completed within the first six months of the year: "we do our we will require our law to have an audit every year. And now we'll require have it done within the 1st 6 months of the year." Meeting remarks included two inconsistent figures about pension obligations (a monthly obligation cited as "like, $19 a month" and later as "$2.09 a month"); staff said they will clarify the correct amount and reflect it in final statements.
The council moved forward with the recommended financial actions included in the meeting packet; approval motions were recorded but no individual roll-call tallies were printed in the transcript.
