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Finance director says auditors have begun CAFR work; bank reconciliations delaying trial balance
Summary
Finance Director Sherry Roberts told the council auditors have begun work on the Comprehensive Annual Financial Report (CAFR) for fiscal 2023–24 but said unresolved bank reconciliations and a utility billing conversion are delaying a secure trial balance; staff aim to finish reconciliations by Monday so auditors can proceed.
During the council's financial report discussion, Finance Director Sherry Roberts told the council that auditors have begun work on the fiscal 2023–24 Comprehensive Annual Financial Report (CAFR) but that the auditors do not yet have a secure trial balance because bank reconciliations remain incomplete.
Roberts said the city is in a conversion year associated with the utility billing system and that she, the financial analyst Noelle, and three other staff members have been working to resolve variances. She said she expects to finish reconciling the months by the coming Monday so auditors can receive a trial balance and proceed with the audit.
Council members referenced pending state legislation that would require audits to be completed within six months after the fiscal year; council asked about the city's current CAFR status in light of that requirement, and Roberts described the steps staff are taking to provide auditors the necessary documents.
No formal council action was taken; the discussion was informational and focused on audit timing and staffing to complete reconciliations and support the auditors.
