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Finance committee waives audit exit conference; staff reports midyear balances and accounting issues
Summary
The committee approved waiving an exit conference for the city audit after auditors reported no findings, and staff presented midyear financials showing $22.9 million across funds, encumbrances, and a $150,000 software-related misposting between sewer and stormwater accounts.
The finance committee voted to waive an exit conference with the city’s auditors after the auditors issued a draft report with no findings, and staff presented midyear financial statements that showed $22.9 million across all funds and several encumbrances on major projects.
The recommendation to waive the exit conference came from the finance director. “Our audit is wrapping up and they do have a draft of the audited financials. Those are not, been released formally by the Auditor of State yet, so they're not public documents yet until the Auditor of State publishes those. As part of our wrapping up of the audit, we have the option to either have an exit conference with the auditors or we can waive that exit conference. They had no findings. There are no management letter comments,” said Mr. Dandrian, finance director. He added that, in his view, there was no follow-up needed and recommended waiving the conference and allowing the finance committee chair to sign the documents.
Why it matters: waiving the exit conference shortens the…
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