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Arcola reports $9.3M on hand; council approves interim finance support contract
Summary
City Administrator Dr. Annette Goldberg reported a total of $9,305,303 across checking and savings as of Feb. 28, 2025. Council approved a short‑term contract with MB Chang & Associates at $75 per hour to support financial processes and an ongoing audit while staff recruit a full‑time finance director.
In a year‑to‑date financial briefing on April 8, City Administrator Dr. Annette Goldberg reported positive cash balances and operating results, saying: “As of 02/28/2025, we had a balance of $2,023,124” in checking and a total of $9,305,303 across checking and savings. Goldberg said year‑to‑date revenues and tax collections have exceeded budget and that net revenue year‑to‑date was approximately $484,047.
The council voted to approve a temporary contract with MB Chang & Associates for financial services at $75 per hour to support process improvements and assist with the ongoing audit while the city pursues a full‑time finance director. Goldberg said the interim consultant will be part time and expected to work for about two to three months. Council also accepted the January and February 2025 financial reports by voice vote.
Goldberg presented budget line details during the report, including municipal court revenue and enterprise fund performance, and discussed recommendations from a TML boot camp that included hiring a finance director. The council authorized staff to proceed with the temporary contract and to pursue recruitment for a permanent finance director.
