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City finance department receives GFOA award; fraud-risk self-assessment rates Centerville "very low risk"
Summary
Centerville's finance staff were recognized by the Government Finance Officers Association for excellence in financial reporting and presented a state-mandated fraud-risk assessment showing a score of 375 out of 395, placing the city in a low-risk category.
The Centerville finance department was recognized during the May 20 meeting for receiving a Government Finance Officers Association certificate of achievement for excellence in financial reporting. City finance staff and council members acknowledged the department and thanked staff for their work.
Finance staff member Nate presented the city's annual fraud-risk assessment, a state-auditor requirement. He said the city's self-assessment scored 375 out of a possible 395 points, placing the city in the "very low risk" category. The one area that did not receive points was the internal-audit function; staff noted that a formal internal-audit program is uncommon for cities of Centerville's size.
Nate described existing mitigating controls: separation of duties where possible, daily cash-receipt reconciliations, monthly reconciliations, a journal-entry approval process and documentation requirements for adjustments to customer accounts. Council members asked clarifying questions; staff said they will continue current reconciliations and oversight practices and report as required by the state auditor's office.
No formal action was required; the presentation fulfilled the annual reporting obligation to the council.
