Oakland officials say $91,000 figure reflects unreconciled accounts, not proven missing funds

At the meeting the town’s financial advisor, Ms. Lowry, and other staff addressed circulating allegations that $91,000 had been stolen or was missing from town accounts. The advisor said current auditors are reviewing prior findings and have not reported any missing funds; instead the audit findings cited unreconciled items tied to bank reconciliations and posting errors.

Ms. Lowry told the board the auditors are working through the fiscal-year audit and have found no indication that funds are missing. She said the disputed figure stemmed from unreconciled cash and differences between the general ledger and bank statements, and that staff have begun reconciling accounts on a weekly basis. The town’s manager and other staff reiterated that the clearing account and utility posting issues identified previously have been corrected and that daily reconciliation shows the clearing account at zero each afternoon.

Several board members and residents had asked whether a forensic audit was warranted. Staff said they had consulted with auditors and independent CPAs; the auditors indicated that if evidence of theft had existed, it would have been reported to the comptroller. Staff recommended continued reconciliation and monitoring rather than an immediate forensic audit.

The meeting record shows active engagement by the mayor, financial advisor and auditors and a reassurance that the comptroller’s office and current auditors have seen no evidence of missing funds; the board asked staff to continue oversight and to provide updated audit materials as they become available.