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City auditor reports FY2024 results: reserves about $400,000; federal compliance and segregation-of-duties comments noted
Summary
Independent auditors reported the results of the fiscal year ended June 30, 2024: the city set aside roughly $400,000 for capital and stabilization reserves, utility operations are stronger, and auditors issued routine internal-control and bank-collateral comments but no federal compliance findings for tested programs.
City auditors presented the fiscal year 2024 (year ended June 30, 2024) audit results to the Alba City Council and the council voted to accept the audit.
Andy Cromer, CPA with HSPG and Associates, told the council the city has established two reserves — a capital reserve and a stabilization reserve — that together total roughly $400,000, or about one month of the city’s annual general-fund revenue. He said the general fund itself has minimal direct reserves because the city has been funneling funds into those two established reserves. “Collectively, the city has set aside about $400,000 collectively for…
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