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Council accepts FY2024 audit, auditor cites material adjustments and control weaknesses
Summary
The council accepted the fiscal year 2024 audit presentation and directed staff to address material audit adjustments, chart-of-accounts cleanup, monthly reconciliations and other internal-control findings identified by the auditors.
Roosevelt City Council on Oct. 25 accepted the fiscal year 2024 financial audit and instructed city staff to correct material accounting errors and implement stronger monthly controls.
The audit presenter, Mike Miles of the auditing firm in the meeting packet, told the council the audit work identified numerous “material audit adjustments” needed to reconcile the financial statements to the general ledger. Miles said those adjustments touched capital-asset reporting, cash balances, long-term debt, revenues, payables and accruals. The auditors classified two internal control issues as material and noted three compliance findings tied to fund deficits and budget…
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