Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City audit delayed; auditors flag water and sewer cash deficits and $5M reserve recommendation
Summary
Finance Director Sullivan told the finance committee that the city’s independent audit is delayed and auditors have flagged persistent water and sewer fund cash deficits; auditors recommended a $5 million nonspendable reserve to address the issue, which would reduce the city’s unassigned fund balance from roughly $29 million to $24 million.
At the April 8 finance committee meeting Finance Director Sullivan reported that the city’s annual audit is delayed and that auditors have raised a material concern about the water and sewer enterprise funds.
Sullivan said the audit firm has experienced ownership and staffing changes (Melanson → Markham → CBIZ) and new testing requirements following acquisitions, which contributed to the delay in producing a draft audit. Sullivan…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
