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Preliminary audit shows larger-than-expected fund balance after retirement reimbursement timing change
Summary
Preliminary audit results presented to the Bermudian Springs board show a timing change in Act 29 retirement reimbursement produced about $400,000 in additional revenue and a preliminary fund‑balance increase to $704,005.65, well above earlier estimates; the audit remains preliminary and will be finalized later.
District finance staff presented preliminary audit figures that showed a notably larger fund balance than previously estimated because of changes in retirement reimbursement timing and stronger-than-expected earned income tax receipts.
Staff explained a procedural change in how retirement reimbursement under Act 29 was processed this year produced a reconciliation payment along with the…
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