Kira Erickson reports from the Langley City Council meeting of Mon., Nov. 18, 2024 for the South Whidbey Record.
In what may be an early Christmas present, a spare $1 million that was previously unaccounted for was recently found in Langley’s bank accounts.
But much like Cotton Eye Joe, city officials are unsure of where it came from and where does it go.
During a city council meeting this week, Kelly Beech, the city’s finance director, said there is a little over $1 million in bank balances compared to what is actually recorded in the city’s financial system. The mismatch was identified as part of the 2021-2022 financial audit completed in October.
They Said It
The chore in front of her, she explained, is to figure out which funds actually own that money, which will require unraveling transactions that possibly weren’t posted properly in the financial system.
“Until I can figure out what went astray, I don’t know for sure where it all belongs,” Beech said. “So I’m very cautious to say all is well.”
Mayor Kennedy Horstman said the unraveling process could take at least a couple of months to solve.
“I’m excited about this cautiously,” she said. “It’s a ton of work to figure this out. I think it’s important to define expectations appropriately.”
Councilmember Craig Cyr compared it to finding a potential million dollars in the seat cushions.
“You can be optimistic but that doesn’t change also that we still need to really focus on being able to pass a budget where our revenues cover our expenses, period, without finding money in the seat cushions,” Beech responded.
Councilmember Chris Carlson said the money could help the city establish its reserve funds and build a buffer in case of an emergency, but it does not take care of the annual shortfall that still needs to be addressed.
