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Trustees question pooled-cash accounting, seek outside audit for DIA funds
Summary
Finance staff reported November balances and revenue; trustees raised concerns that the city’s pooled cash practice mixes Industrial Authority funds with other city funds and asked for independent audit clarity.
Finance staff provided trustees with a November financial overview at the Jan. 7 Durant Industrial Authority meeting and trustees raised concerns about the city’s use of pooled cash, which mixes DIA funds with other municipal funds.
Cara (finance staff) said the authority is about 41% through its fiscal year with a current bank balance of roughly $382,000 in account 110. She reported $95,587 revenue for November in account 110 and year-to-date revenues of approximately $141,000; account 020…
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