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City controller reports clean audit as council hears warnings about shrinking riverboat and LIT funds
Summary
City Controller Mary Lynn Wall reported a clean financial audit and federal compliance audit with corrective action plans. Council members and staff said declining riverboat revenue and the sunset of county LIT funds have tightened the city—s budget and complicated labor negotiations for police and fire.
City Controller Mary Lynn Wall told the Common Council on Nov. 4 that the Indiana State Board of Accounts issued a clean opinion on the city—s 2024 financial statements, and the federal compliance audit identified procedural findings for which corrective action plans have been filed.
"In our opinion, the accompanying financial statement presents fairly in all material respects the respective financial position and results of operations of the city as of and for the year ended 12/31/2024," Wall…
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