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Ithaca council accepts delayed 2021 audit, auditors flag accounting weaknesses and late filings
Summary
The Common Council voted unanimously Aug. 6 to accept the city's 2021 independent audit. Auditors reported corrected misstatements, weaknesses in fixed-asset and capital-project tracking, a late single-audit filing and sizable actuarial liabilities for retiree benefits.
The Ithaca Common Council on Aug. 6 voted unanimously to accept the city's independent audit for the year ended Dec. 31, 2021, after a presentation by outside auditors that highlighted corrected accounting errors, operational weaknesses and late federal reporting.
Auditors from Ansero Advisors LLC told the council that the city's financial statements for 2021 were ultimately usable but required several significant adjustments. "Other than the timing of them, other than the fact that they are quite late, the financial statements are pretty good," an Ansero Advisors representative said during the council meeting.
The audit matters because municipal financial statements underpin bond-market confidence, budget decisions and federal grant compliance. The auditors described recurring weaknesses in how…
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