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Audit shows Fort Thomas general-fund expenditures exceeded budget by about $1.07 million; Tower Park project and accrual timing cited
Summary
Auditors and staff told the Finance Committee most of the FY2023-24 budget overrun in the general fund resulted from capital spending and timing of invoices, notably costs tied to the Tower Park renovation. The audit reported roughly $1.07 million in expenditures over budget and $2.58 million variance versus revenues in the general fund.
FORT THOMAS, Ky. — The Finance Committee—s Nov. 5 review of the FY 2023-24 audit identified capital projects, interfund transfers and timing of payables as the primary causes of budget-to-actual variances in the general fund.
Committee members and the audit team pointed to capital spending and invoice timing as drivers of an approximately $1,070,000 overspend in the general fund and a $2,580,000 variance against revenues reported in the audit. The Tower Park renovation was cited as a major capital account contributing to the variance: auditors said the Tower Park project carried accounts payable of about $1.4 million into the audited year, which affected current-liabilities figures.
Accruals,…
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