The Crestwood Board of Aldermen met on Tuesday, July 22, 2025 at 7:00 PM in the Aldermanic Chambers. The meeting included an audit presentation, public comments on environmental and park issues, approval of the consent agenda, and a failed first reading of an ordinance to allow golf carts in Whitecliff Park. The meeting adjourned to a closed session. Note: The system-provided date (2025-07-23) conflicts with the agenda and transcript, which both indicate July 22, 2025.
All right, seven o'clock. I call this uh July 22nd, Board of All Remeting Order. If you'd please join me in the Pledge of Allegiance. I pledge allegiance to the flag of the United States of America and to the Republic for which it stands. One nation under debt indivisible with liberty and justice for all. City clerk, can you please take roll? Alderman Morrison. Alderman Ballis. Here. Here. Alderman Hall. Excused. And Alderman, maybe? Alderman seven. Here. Seven are here. You have a four in your honor. Very good. And our presentations, communications, and appointment, uh, the oath of office for Officer Travis Huddleson will be deferred. Um so we will move right on to the audit presentation. Um please uh come on up, introduce yourself and let us know how the city's doing financially. All right. Um, my name's Alan Schulte. Um I work for UHY Advisors LLP now. Um previously we were about to deal on company, and we had done a we do a ton of city and other governmental uh entities in the area, and we were about to deal when we bid on the audit, but we became UHY by the time it we came around to do in the audit. Um I was actually here probably about a decade ago uh delivering the audit, so uh it's nice to be back. Um so I'll kind of just jump into it. Uh financial statement-wise, uh the city received an unmodified or clean opinion on the financial statements, so that means everything is presented in accordance with GAAP. Um I've seen um what we call an emphasis of matter paragraph. Uh we made a a prior period adjustment to record the TIFF debt on the government-wide financial statements for the city. So um what happens with the TIFF debt is it's not really the the city's general resources are not used to repay the TIFF, right? It's it's a dedicated tax, but since the city collects the tax, it we record the debt on the financial statements. Okay, and you're you're really only liable to the extent of taxes, those specific taxes that you collect. Um the first part of the financial statement is called a uh management discussion and analysis. So on pages six and seven, uh there's a couple tables. Uh one of the real downsides of governmental financial statements is there's really not uh comparison from last year to this year. Um but in the MDNA, we call it there is a little bit of a comparison at kind of a high level. Uh if you look at page six, table one, um you can see there's an increase in current assets of about 43 million dollars. So most of that is the is the bonds that you all issued that you haven't spent yet. So that's why that number is really large. And then over the next couple years, you'll see that number drop substantially. Um then also you can see there's an increase in long-term liabilities of 46 million dollars. So that's the other side of the debt and the TIFF bonds. So as a result of putting those TIFF bonds on the financial statements, it kind of pushes your unrestricted net position negative. Okay. Um, but if you take that into account, and um also the net pension asset of about five million dollars, you're really to the plus of about 13 million dollars in reality. Okay, even though it shows about a negative two million dollars. Does that all kind of make sense? That was a wild ride. Um, and then if you look at table two, um so that's kind of the income statement presentation.