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Town accountant presents FY2023–24 restated financial reports after accrual reversals; sales-tax timing cited
Summary
Town accountant Jim Keane told the council the audit requires accruals of certain receipts into the prior fiscal year and that a $965,367 memo amount was reversed into FY2023–24; the restated July and August reports show offsetting changes to revenues and fund balances driven largely by sales-tax timing.
Jim Keane, town accountant and assistant town clerk, presented restated financial reports tied to the fiscal year 2023–24 audit and explained that certain revenues received in July and August must be accrued back to the prior fiscal year.
Keane said the memo total of accruals was $965,367 and that the accrual and reversal process affects the early months of the next fiscal year’s financial statements. He described the…
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