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Audit committee hears FY24 accounting issues; city granted short extension to clarify interfund balances
Summary
Committee heard that conversion to a new accounting system and two large checks recorded inconsistently created reconciliation questions for the FY24 audit; staff said auditors were granted an extension to Sept. 30 to resolve interfund cash placement.
Jackson City audit staff told the Audit Committee on an unspecified date that conversion to a new accounting system and inconsistent recording of two large checks created discrepancies auditors flagged in the FY24 audit, and the city obtained a short extension to supply clarifying documentation.
Mister Reed, a finance staff member, updated the committee on the FY24 audit and said the city's previous method of accounting for interfund balances did not translate cleanly during the transition to the new system. Reed said those discrepancies are being addressed and evaluated and noted that Lisonbee Franklin of JTA attended a meeting to discuss the comptroller’s letter about a negative net position. Reed told the committee the unrestricted net position “continues to show positive progress.”
Why it matters: Auditors flagged that…
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