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County budget official: audited fund balance is not the same as cash; 2023 audit showed ~$24.4M fund balance
Summary
Mary Roselle, head of budget and finance, told council the $24.4 million fund balance shown in the 2023 audit represents receivables and other noncash assets and is not equivalent to available cash. She said the fund balance approximates the two months' revenue target used by rating agencies.
Mary Roselle, division head of budget and finance, told Luzerne County Council that the commonly cited figure for the county's fund balance from the 2023 audit—about $24.4 million—refers to accounting fund balance, not cash on hand.
Roselle explained that government accounting records receivables (for example,…
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