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Erie Land Bank accepts March financials; auditor recommends monthly board review of paper bank statements
Summary
The Erie Land Bank board accepted March 2025 financial statements and the audited 2024 financials. Auditors recommended stronger segregation of duties, a monthly independent review of unopened paper bank statements and quarterly journal-entry policies; staff will propose written procedures at the May meeting.
The Erie Land Bank board on April 15 accepted the March 2025 financial statements and the audited financial statements for the year ending December 2024, and discussed auditor recommendations for stronger internal controls.
The finance report showed $106,888.20 in checking, $30,000 in escrow and $42,504 in properties held for sale; staff reported net income of $47,581.64 year to date and budget-versus-actual at 22.74% a quarter of the way through the year. The board moved to approve and accept the March 2025 financials and voted in favor.
Audited statements presented to the board showed accounts payable of $71,328 and reported operating revenue of $516,025 for the year ended December 2024, including $507,671 in grant income from the Erie County Land Bank and $8,354 in miscellaneous income. The audit communication noted an adjustment to conform to generally accepted accounting principles and identified deficiencies the board should address.
Auditor Mar Dusil recommended steps to improve segregation of duties, including a board member’s monthly review of unopened paper bank statements, review of canceled check images and an independent review of bank reconciliations. Staff noted that a fee would apply if the bank must mail paper statements rather than rely on electronic copies. A staff representative said electronic access could remain in place while a board member reviews the paper statements.
Staff also told the board they will prepare written policies on journal-entry procedures and present them at the May board meeting. The auditor’s management letter additionally urged adoption of procurement procedures; staff said the Land Bank has historically leaned on the Redevelopment Authority’s procurement rules and plans to draft its own documents.
Board members asked whether the treasurer should perform the monthly paper-statement review; staff said the treasurer could do so or the board could designate another member. The board accepted the audited financial statements as presented; staff noted the acceptance is timely because the documents are “due to the CD by the end of the month.”
Next steps: staff will bring a written proposal for segregation-of-duties procedures and a quarterly journal-entry policy to the May meeting and will work on procurement language for a future meeting.
