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Audit delay leaves Anchorage finances and workers' compensation filing at risk, officials say
Summary
Municipal officials told the Assembly Budget and Finance Committee that the city has not published audited financials since 2022, that the 2022 audit took 554 days, and that missing 2023 audited financials risks penalties, higher insurance costs and a weakened bond outlook.
Chief Administrative Officer Bill Fawzi told the Assembly Budget and Finance Committee that the Municipality of Anchorage has not published audited consolidated financial statements since those dated Dec. 31, 2022, and that the 2022 audit took 554 days to complete.
That delay has left the city without audited financials for later years and created immediate compliance risks, Fawzi said. “We should have more recent financials than that,” he said, adding that auditors and staff were racing to finish the next annual comprehensive financial report.
The lack of current audited statements threatens an Aug. 10 filing the municipality must make to maintain its status as a self‑insured workers’ compensation provider, Fawzi said. “We’re about to crash in to a hearing before the workers’ compensation board where they will say, where…
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