During a recent government meeting, officials provided updates on the ongoing financial closing process and the status of audits for fiscal years 2022 and 2023. The team is currently focused on ensuring accurate accruals, with efforts being made to address outstanding invoices and revenue sources, particularly related to solar credits from Rhode Island energy.

Ming, a key team member, is implementing a new approach to improve the accuracy of accrual entries, which has been a challenge due to delays in invoice submissions from various departments, including schools. Members discussed the importance of establishing a timeline for vendors to submit invoices to facilitate timely budget accounting. It was noted that many invoices are often delayed due to overlapping billing cycles and the absence of staff during the summer months.

The committee also highlighted the need for improved internal controls regarding employee reimbursement submissions to ensure they are processed before the fiscal year-end. This initiative aims to streamline the financial closing process and enhance accountability.

In terms of audit updates, officials reported that the fieldwork for the fiscal year 2023 audit has been completed, with auditors actively reviewing financial documents. The fiscal year 2022 audit is nearing completion, with expectations to issue the report by August. The timely completion of these audits is critical, as they are prerequisites for a $25 million school construction bond, which is essential for funding various school projects, including urgent infrastructure improvements.

The meeting concluded with a commitment to address any remaining open items related to the audits and to maintain momentum towards starting the fiscal year 2024 audit this fall. The discussions underscored the importance of efficient financial management and transparency in municipal operations.