The Restatement Ledger
When a city revises numbers it already published, we write it down. All of it, from fifteen years of reports — part of the Financial Journey.
What’s a restatement?
Sometimes a city’s next annual report quietly revises numbers it already published. That’s a restatement. Most are housekeeping — moving a dollar between categories. A few change the bottom line. Auditors allow them; good bookkeeping tracks them. So we do: every revision we found by laying all fifteen reports side by side is recorded below, exactly as published, with no editorializing. The numbers are the city’s own.
The big one · revealed in the FY2025 report
FY2024, revised
Net worth, as first published
$117.0M
Net worth, as restated
$112.8M
Change
-$4.1M (-3.5%)
One year after publishing FY2024’s results, the city marked two expense lines with an asterisk and revised them upward — Public Works & Engineering by +$4,082K (+41.6%) and General Government by +$62K. The effect: the year’s reported surplus shrank from $5,718K to $1,574K, and the city’s stated net worth dropped by $4.14 million. It is the largest revision in the fifteen years of reports we track.
General Government:$3.6M→ $3.7M+$0.06M (+1.7%)
Public Works & Engineering:$9.8M→ $13.9M+$4.1M (+41.6%)
Other bottom-line restatements
FY2018 report → FY2017
Net Position, End of Year:$66.2M→ $65.8M-$0.4M (-0.6%)
In the FY2018 report, FY2017’s ending net position was reduced by $377,920 via a "Prior Year Adjustment (Note 9B)" — from $66,161,081 to $65,783,161. This is a true restatement: the city’s previously published net worth changed.
FY2020 report → FY2019
Net Position, End of Year:$84.7M→ $84.8M+$0.1M (+0.2%)
The FY2020 report starts the year from $84,806,207 — $131,123 more than the $84,675,084 the FY2019 report published — and marks the net position rows "* As adjusted". A true upward restatement of the city’s net worth.
FY2024 report → FY2023
Net Position, End of Year:$111.3M→ $111.3M-$0.07M (-0.1%)
The FY2024 report shows a "Beginning Net Position Adjustment" of ($65K): FY2023’s ending net position of $111,339,890 became a restated $111,274K. A true (small) downward restatement.
Method: we compare each report’s prior-year column against what the prior year’s own report originally printed. Entries marked with a stamp changed the city’s bottom line; the rest moved dollars between categories without changing totals. Every figure is verified by an automated check against the source tables.