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City manager: late audits nearly complete; fund‑balance policy, reserves and electric-sale funds reviewed
Summary
City Manager Monte told the council the late fiscal-year audits for 2022–23 and 2023–24 are near completion and that the city’s adopted fund-balance policy earmarked proceeds from the 2018 electric utility sale to pension, OPEB, capital reserves and storm/emergency funds.
City Manager Monte updated the Vero Beach City Council on Oct. 7 about overdue audits and the city’s fund-balance policy for proceeds of the municipal electric utility sale.
Monte said the fiscal 2022–23 audit was completed and submitted May 7 and that the fiscal 2023–24 audit had a statutory submission deadline established by the joint legislative auditing committee as Nov. 17; staff said they expected to submit the 2023–24 audit by the end of the week or early the next. Monte said the auditor had “a few more things to do” and…
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