Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Finance committee reviews 2022 audit, OPEB liability and timeline to catch up audits
Summary
Finance staff and outside auditors presented the city's 2022 financial statements, reiterated a disclaimer of opinion tied to limited audit scope, described a large OPEB liability, and outlined a plan to complete the 2023 audit by late summer with 2024 to follow later in the year.
Williamsport's finance committee on May 20 reviewed the city's draft fiscal year 2022 financial statements and heard from outside auditors that the report carries a disclaimer of opinion because auditors lacked full information to complete a standard audit.
The committee heard that the city's net position remains negative largely because of other post-employment benefits (OPEB) liability. "That negative hundred and 125,000,000 never, never ceases to put a bit of a, you know, sinking feeling in the pit of your stomach," said Jamie Livermore, director of finance. Kim Stank, an auditor with Zankovsky, confirmed the statements…
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
