Show Me the Money: Financial Transparency Needed

– The City of Monte Sereno does not produce monthly treasurer’s reports as required by California Government Code section 41004. Response: The City of Monte Sereno partially disagrees with the finding. The City of Monte Sereno’s Finance Manager presents information to the City Council on a monthly basis, in the form of four written reports, which includes all of the information required by Government Code section 41004. These reports are the Revenues and Expenditures Monthly Report, the Significant YTD Variances to Budget Narrative Report, the LAIF Investment Monthly Report (which includes balance information for all City Funds including checking and savings accounts), and the Treasurer’s Report (which includes disbursement information for all accounts). As Government Code section 41004 does not specify any particular form treasurer’s report, the City’s existing practices substantially comply with the requirements of Government Code section 41004. In the future, the City Finance Manager will consolidate all of these written reports into a single agenda item.