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State auditor gives Lincoln City clean opinions for 2022–23, issues six recommendations
Summary
The North Dakota State Auditor issued unmodified (clean) financial-statement opinions for Lincoln City for fiscal years 2022 and 2023 and identified six areas for improvement, including utility-fund transfers, debt-covenant compliance and fraud-risk assessment.
Mike Cher, audit manager with the State Auditor's local government division, told the Lincoln City Council on April 3 that the office issued unmodified (clean) financial-statement opinions for the city for fiscal years 2022 and 2023.
The report included six recommendations intended to improve controls and financial reporting. Cher described the recommendations as areas for management attention, not findings of fraud or malfeasance: (1) limit transfers from utility funds so they do not exceed the statutory cap; (2) establish separate debt-service and construction funds required by the water revenue bond series 2023 covenants; (3) tighten bond-reimbursement documentation and accounting; (4) prepare a formal fraud-risk assessment; (5) expand conflict-of-interest disclosures for staff handling contracts/vendors; and (6)…
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