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City finance audit finds no federal grant compliance problems; highlights lease accounting and capital-asset work
Summary
External auditors told the Excelsior Springs City Council the city's FY2022 financial statement audit and single audit are substantially complete, with no federal-program compliance findings; the report notes adoption of GASB 87 lease accounting and the need to improve capital-asset records.
The Excelsior Springs City Council received the draft fiscal year 2022 financial statements and single-audit report on Sept. 2, with auditors saying the work is substantially complete and that there were no federal-program compliance findings. Jacob Holman, audit partner with Forbus Mazar, told the council the city spent about $1,400,000 in federal awards during the audit period and that auditors performed compliance testing on two major programs: the Coronavirus State and Local Fiscal Recovery Funds and investments for public works and economic development facilities. Holman said those programs drew scrutiny for procurement, period of performance and eligibility but that the single audit produced no…
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