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Maner Costerisan presents FY2025 audit: expenses exceeded revenues amid absence of ARPA funds
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Summary
Jordan Smith of Maner Costerisan told the Charlevoix County Board that FY2025 expenditures exceeded revenues after ARPA funds were not available and noted two material findings related to journal entries and untimely bank reconciliations.
Jordan Smith of accounting firm Maner Costerisan presented the Charlevoix County FY2025 audit to the Board of Commissioners, reporting that county expenditures exceeded revenues for the fiscal year and that the absence of ARPA funds contributed to a revenue shortfall. He identified two material findings: issues related to journal entries and delays in completing bank reconciliations.
The audit presentation, delivered during the board’s March 11 meeting, described a fiscal shift driven by higher operating costs and reduced one-time federal aid. Smith answered questions from commissioners about the findings and what corrective steps the firm recommends, including strengthening controls around journal entries and ensuring timely bank reconciliations going forward.
The presentation did not result in a formal vote; the board received the audit and discussed next steps with staff. The audit’s identification of material findings signals areas county officials said they will have to address in future financial management and reporting.