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Council approves write-off of selected utility accounts; staff cites bankrupt developer accounts
Summary
Finance staff told council that a larger-than-usual list of utility bad debts is being removed from active accounting records largely because several developer accounts went through bankruptcy. Council approved resolution R38-26 to write off the accounts.
City finance staff asked council to approve a resolution declaring certain utility accounts as bad debt and removing them from the city’s active accounting records.
Jeff Albrook told the council the list is larger than the usual year-end write-off because staff delayed write-offs while they verified data following a change in the utility-billing (UV) system. He said "a large portion of the dollar amount is made up by a couple of accounts that have gone through bankruptcy from developers," and that writing the accounts off does not prevent collection if funds are later recovered through bankruptcy or collection actions. Council approved Resolution R38-26.
The action moves the listed receivables out of the active accounts; staff said they will record any future recoveries if money is later collected.
