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Lake Wales audit returns no findings; finance director proposes raising capitalization threshold to $5,000
Summary
City finance director reported an annual audit with no findings and general fund reserves of 28% as of Sept. 30. Staff proposed increasing the fixed-asset capitalization threshold from $1,000 to $5,000; no final commission vote was recorded in the transcript.
Dorothy Abbott, the City of Lake Wales finance director, told the City Commission that the city’s annual audit showed “no findings, no comments, and also the audit was finished 2 months ahead of time.” She said the city’s general fund reserves were 28% as of Sept. 30, above the city policy threshold of 15–20 percent.
The audit transmittal was presented as an…
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