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Council accepts FY2024 audit with repeat finding noted; council questions promissory note compliance
Summary
Council accepted the FY2024 audit presented by NexSys/Nexus CPA, noting repeat findings about audit timeliness; councilors questioned a long promissory note for ‘Columbia Falls Teakettle Vista’ and asked staff to provide payment and compliance details.
Columbia Falls council accepted the fiscal year 2024 audit as presented by the city’s auditor. Finance staff and the auditor reported the audit is complete but included repeat findings related to completing the audit in a timely fashion; staff said they have addressed the issues and that the firm will proceed to the FY2025 audit.
Councilors raised several questions about notes in the audit, notably a promissory note referenced for “Columbia Falls Teakettle Vista” described during discussion as a 51-year note. Councilors asked when the last payment on that note was received and whether annual compliance audits and rent restrictions for low-income projects were being verified. Finance Director Emery said the city receives an outside audit from the borrower annually, that the auditors provide documentation to the city and that staff would supply the requested payment history and documentation.
After questions and clarifications, the council approved the FY2024 audit by roll call vote.
Council members requested additional detail behind the audit note and how related home-grant projects were recognized for revenue purposes; finance staff explained some grant-structured loans may not yield full revenue recognition under current accounting rules until payments are received.
