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Elgin council hears audit findings showing repeated internal-control gaps; staff outline plan for monthly reports and reconciliations
Summary
Interim City Manager Robert Eads told the Elgin City Council on Tuesday that recent audits covering 10/01/2022 through 09/30/2024 show repeated weaknesses in internal controls, pooled-cash accounting and bank reconciliations driven largely by turnover in the finance office.
Interim City Manager Robert Eads told the Elgin City Council on Tuesday that recent audits covering 10/01/2022through 09/30/2024 show repeated findings for internal controls, pooled-cash accounting, bank reconciliations, investment reporting and compensated absences.
"Numbers won't lie, and that's what we're gonna have to give you," Eads said, urging the council to focus on correcting the bookkeeping and staffing problems flagged in the audits.
Why it matters: Council members were shown that several audit findings have carried forward from the 2023 audit into the 2024 audit, and staff and the city's consultant said the primary root cause is personnel instability in the finance office. City staff say that without a stable, qualified finance director and sufficient accounting staff, pooled-cash accounting and timely reconciliations become difficult to maintain and audit-ready financial statements are delayed.
What the audit shows:…
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