DATE: August 5, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Mike Lowe, Comptroller
SUBJECT:
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Preliminary report on Fiscal Year 2014-2015 financial results
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the City’s financial position on June 30, 2015.
Background
City staff will continue to post revenues and transactions that were executed in June, billed in July and received in August. Until these transactions are fully reflected in the general ledger accounts, results for the fiscal year ending June 30 are not official. However, in order to keep the Finance Committee, the Board of Mayor and Aldermen, and the citizens of Franklin informed on the financial status of the City, staff is preparing estimates of the final position at yearend.
Naturally, these numbers will change somewhat and will be subject to reveiiw by our outside auditing firm. Staff does not anticipate any material changes. The numbers presented in the attached report do, however, give a relatively accurate picture of the City’s position.
Financial Impact
Report only. No financial impact.
Recommendation
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No recommendation. Report only.