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Edgar County audit shows timing and reporting issues; corporate replacement tax shift reduced expected revenue
Summary
County officials reported audit findings that initially showed $260,000 in apparent overspending attributable largely to timing and unrecorded income, noted reduced corporate replacement tax receipts and described IMRF and Paycom reviews with no major findings.
County officials told the Edgar County Board that an external audit identified timing and reporting issues that produced a headline figure of roughly $260,000 in overspending but said the amount likely will be substantially lower once late income is recognized.
At the meeting, a county official summarized the audit: “The audit shows that we had spent $260,000 more than we did. However…because of the conditions that we had, quite a bit of income was not turned in by the time…
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