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Committee hears update on FY24 audit corrections; March close for FY25 described as possible, not certain
Summary
Audit staff told the Jackson City Audit Committee they are finishing FY24 corrections and coordinating with MTA and contractors to close FY25; a March 31 target was discussed as possible but contingent on outstanding adjustments and additional details.
Audit staff updated the Jackson City Audit Committee on progress closing fiscal-year records and preparing corrective-action details.
Unidentified Speaker 2 said the finance team is finishing FY24 auditor corrections and working to ensure FY25 is reported correctly. The speaker described a phased approach: complete FY24 adjustments so the FY25 ledger can be closed without prematurely assigning expenses to the wrong fiscal period.
Staff said they will meet with MTA (named in transcript) and other partners to flesh out the plan of correction and finalize priorities with internal stakeholders (Ross, Larry and others referenced). Unidentified Speaker 2 said a March 31 completion is “possible” but that the committee should not assume the date until remaining work is complete; the transcript records caution about meeting that deadline.
Speakers also described using external assistance (ATA and Alden Deacon were referenced) to help redesign processes; however, the committee noted that external contractors may need to step back from certain tasks later in FY25 to preserve audit independence. The committee requested a follow-up meeting after staff and contractors have additional information to share.
The transcript does not record a formal vote or new budget appropriation tied to the audit update; committee members asked staff for additional status reporting and for follow-up with named stakeholders.
