Finance staff outlines audit findings and internal-control improvements

Finance staff presented the FY24 audit management letter and described steps the department is taking to strengthen controls.

Charlie reviewed recommendations including outreach on long-outstanding checks, implementing monthly cash and investment reconciliations (now completed by the 15th of each month), and using a software "activities" function to track grants and capital projects. He said GL reconciliations are current through October 2025 and that the finance team has begun reconciling investments so returns and losses are properly recorded.

Charlie said the city has engaged consultant Sue Lessard, who has decades of municipal experience, to help draft internal-control policies once reconciliation work is complete. The staff also plan to label and clarify multiple overtime and payroll categories and provide read-only access to financial software dashboards to councilors to increase transparency.

Committee members praised the progress while noting auditors will always find areas to improve; the group asked staff to formalize resolution logs for outstanding items and to return with a remediation timeline.