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Waukegan finance director says audits are months late, cites material weaknesses and $2 million fix
Summary
Finance Director Juan Garcia told the City Council on March 16 that the city's audits and continuing disclosure filings are significantly behind, auditors found material weaknesses in reconciliations and revenue recognition, and a $2 million transfer was required to address a shortfall in the fixed asset replacement fund.
Juan Garcia, Waukegan's director of finance, told the City Council on March 16 that the city's annual audits and required continuing disclosures have been delayed since 2022, leaving the finance office roughly six months behind on reconciliations and filings.
Garcia said independent auditors identified three recurring problems ' financial discrepancies, compliance shortcomings and internal‑control weaknesses ' and described material weaknesses in bank reconciliations, revenue recognition and financial reporting for 2023 and 2024. Those weaknesses, he said, can produce material misstatements and could…
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