Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financial Report topic
No spam. Unsubscribe anytime.
Council receives June financial report; bank balance and revenue shortfall highlighted
Summary
The council accepted the June financial report showing $1,888,000 in a city account and that expenses exceeded revenue by more than $45,000; July figures were not yet available.
Council received the June financial report and discussed year-to-date revenue and expenses. The mayor reported "we have $1,888,000 in the Broadway Bank and Technical School" and noted that expenses were larger than revenues by more than $45,000, with large invoices paid in August contributing to cash movement.
Members asked clarifying questions about audit timing and which fiscal year audit costs are charged to; staff said the FY24 audit work had been recorded and the FY26 audit was budgeted at $15,000. A motion to accept the June financial report was made and seconded; the council approved the report by voice vote.
Why it matters: the report provides the council and public an account of the city's cash position and near-term fiscal pressures ahead of budget adoption.
