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Jackson City CFO outlines repeated material weaknesses in FY2023 audit; council plans follow-up
Summary
CFO Jillian Caldwell told the Jackson City Council the FY2023 audit shows multiple material weaknesses and noncompliance findings, including an adverse opinion for the convention center, and a general fund balance of $43 million; council members pressed for a timeline to reduce repeat findings.
Jillian Caldwell, Jackson's chief financial officer, briefed the City Council on the city's FY2023 financial report and audit on Nov. 24, saying the city's governmental and business-type financial statements received an unmodified opinion but one component unit —the Jackson Convention Center —received an adverse opinion because the city did not receive that unit's financial report in time to include it.
Why it matters: The audit lists a string of material weaknesses and noncompliance findings that the council's finance staff said will require months of work and could carry forward into the 2024 and 2025 audits if not addressed. Caldwell told members the general fund's combined balance was $43,000,000 for 2023, with an unassigned fund…
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