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Jackson audit committee hears FY24 findings, targets Oct. 17 issuance after $2.5M cash misstatement
Summary
City finance staff told the Jackson City Audit Committee that a process change tied to a system conversion led to about $2.5 million in cash being double‑booked; auditors are targeting an Oct. 17 report and officials said the final audit will affect the FY26 budget and upcoming bond ratings work.
The Jackson City Audit Committee was told that the draft FY24 audit shows a significant accounting misstatement tied to a system conversion and that auditors are targeting Oct. 17 to issue the report.
Nathan Reed, a finance staff member who updated the committee, said the issue stemmed from a change in accounting processes when the city switched systems. "We were underreporting about 2 and a half million dollars in cash," Reed said, adding that some end‑of‑year accruals and reconciliations were double‑booked when legacy processes did not convert correctly. "They basically hit it twice." Reed said staff isolated the problem and planned follow‑up work in November to clean up interfund balances and legacy entries.
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