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Visalia accepts 2024-25 financial report after auditor flags bank reconciliation issue and GASB change adds $5.6M liability
Summary
Council accepted the city's annual comprehensive financial report, which included one audit finding on cash and bank reconciliations and the implementation of a GASB standard that added an estimated $5.6 million in compensated-absence liabilities.
The Visalia City Council voted unanimously to accept the City's fiscal year 2024'25 annual comprehensive financial report after staff and auditors reviewed the year'end statements and related disclosures.
Finance Director Renee Nagle introduced the report and Brown Armstrong auditors described the scope of their tests of controls, including journal entry testing and third-party confirmations. A Brown Armstrong representative told the council, "we have one audit finding," explaining the issue related to the city's cash…
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