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Finance committee reviews bank reconciliations; staff flags $85,000 bank account and $118,000 of prior reconciling items
2216568 · January 30, 2025
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Summary
Norwood finance staff provided bank reconciliations for Aug — through Dec. 2024, identified an $85,000 bank account not on the city's books and about $118,000 of reconciling items from 2022 that require journal entries to resolve.
Finance staff distributed printed bank reconciliations for August through December 2024 and reviewed reconciling items with the committee. The reconciliations show beginning and ending balances by account, month-to-month revenue and expenses, and several reconciling entries staff said must be corrected with journal entries.
Staff identified an…
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