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Audit finds accounting errors, $850,000 promissory note misclassification; public and council call for stronger controls
Summary
The 2023–24 audit identified multiple weaknesses and a promissory note of about $850,000 that had been carried on bank reconciliations rather than separately receipted. Speakers urged creating a formal reserve account, dual‑control checks, and stronger monthly reconciliation procedures.
Public comment and staff discussion at the Fort Thomas council meeting focused on audit findings that the city’s financial statements contained multiple reconciling items and process weaknesses, including an $850,000 promissory note that had been carried on bank reconciliations rather than recorded on the balance sheet as a receivable.
A speaker summarized the finding in public comment: "We also had an $850,000 balance sheet loan since 2022 off balance sheet loan since 2022 that was found by the auditors. Thank you." (public comment, 00:03:55)
Staff explained how the item was recorded and…
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