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External audit: Prospect posts $529,897 increase to fund balances; clean opinion, minor recommendations
Summary
LBMC partner Bill Meyer presented a clean audit opinion at Prospect’s Feb. 26 special meeting, reporting $4.4 million in revenues, $3.9 million in expenditures and a $529,897 net increase in fund balances. The audit included routine internal control notes and showed reserves set aside for pension liabilities and capital projects.
Bill Meyer, partner at LBMC, presented Prospect’s annual financial audit at the Feb. 26 special meeting, delivering a clean opinion and walking council members through the key figures and required disclosures.
Meyer said the audit opinion is clean and noted that governmental financial statements must follow Governmental Accounting Standards Board requirements. On the fund‑accounting basis that the city uses for budgeting, the statements show $4,400,000 in…
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