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Audit Committee accepts draft ACFR with minor edits; hospital audit miscommunication addressed
Summary
The Audit Committee voted to accept the draft Annual Comprehensive Financial Report (ACFR) pending non-substantive edits so staff can meet the state's 12/31 filing deadline. Committee members also discussed fund-balance recovery plans, GASB impacts and a miscommunication over the Metro General Hospital audit that KPMG helped resolve.
The Audit Committee voted to accept the city's draft Annual Comprehensive Financial Report (ACFR) on a motion and voice vote, with the committee and auditors noting only non-substantive edits remained and that acceptance would allow staff to file with the state by Dec. 31.
The move matters because the ACFR provides the comprehensive, accrual-based view of the city's finances used by bond raters and state reviewers. Finance staff and auditors told the committee that the general fund's unassigned balance is roughly 14.5 percent of expenditures, below the policy target of 17 percent. Deputy Finance Director Kevin Brown said, "Our fund balance policy is 17% of the next year's budgeted expenditures," and staff said fiscal 2026 budget restorations and a new budget sustainability reserve are intended to…
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