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City auditor warns Alexander City must rebuild reserves; audit shows accounting gaps
Summary
A CPA presenting the city's 2023 audit told council the general fund's unassigned balance remains negative, infrastructure assets remain unrecorded on accrual statements, and the city should stop subsidizing the general fund from utility transfers to reach a 90-day reserve target.
Jason Horrell, a CPA with Carr, Riggs & Ingram, told the Alexander City council that the city's 2023 financial statements show improvement overall but still include material issues that require work to reach standard benchmarks.
Horrell said the city's overall 2023 position is positive on certain statements but that the unassigned general-fund balance remains negative and needs about $9.2 million to reach a 90-day reserve benchmark. He urged the council to stop relying on transfers from utility funds to…
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