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CFO reports progress resolving prior audit findings, says city on track for timely FY25 audit
Summary
City CFO Catherine reported at the meeting that the city has addressed several prior audit findings, improved bank reconciliations and fund segregation, and expects to meet the December 31 audit submission deadline.
Catherine, the city’s chief financial officer, updated the council on progress addressing prior audit findings and said staff expect to be on schedule to submit the next audit to the state by the December 31 deadline.
Catherine told the council the city has implemented changes to bank reconciliations and revenue deposit processes that eliminated significant time-consuming consolidations, and that transfers into utility deposit accounts are now being made timely. She said procurement findings previously noted in the audit have been resolved and that bond-compliance items are addressed by improved monthly transfers and a new reserve account for clarity.
Catherine said the finance team maintains a detailed budget file that she updates weekly and that budget controls have been turned on in the financial system to keep departments within budget. She said the city’s previous practice of a consolidated cash account complicated year-end adjustments; deconsolidation and clearer accounting by fund have reduced the options for after-the-fact adjustments and should limit audit adjustments.
The mayor and council thanked staff for the work. Catherine said she does not foresee problems meeting the audit timeline and that the city is in a stronger position than in prior audits.
Why it matters: resolving prior audit findings and timely reconciliations reduces the risk of significant audit adjustments, improves transparency for grant reimbursement and helps ensure statutory reporting deadlines are met.
