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Board ratifies audited financial report, staff flags multiple budget variances in unaudited statements
Summary
The Board ratified Resolution 2024-05A accepting the fiscal year 2023 audited financial report and reviewed unaudited Sept. 30, 2024 statements that show several line-item variances (Engineering 209% of budget; Contingencies 421% with $4,209 misposted; NPDES reporting $19,805 at 152% of budget). Staff will request invoices and correct ledger entries.
The Board ratified the audited financial report for the fiscal year ended Sept. 30, 2023 and reviewed current unaudited statements with several notable variances and likely misclassifications.
Mrs. Adams presented Resolution 2024-05A accepting the FY 2023 audited financial report; the Board ratified the resolution by motion. Mrs. Adams then reviewed the unaudited financial statements as of Sept. 30, 2024 and identified multiple items for correction: General Fund "Engineering" appears at 209% of budget and may contain expenses that belong in a special revenue fund; "Contingencies" shows 421% of budget because $4,209 should be under "Other contractual" as landscaping expenditure; "NPDES reporting filing" is $19,805 (152% of budget) and will be reviewed; and the General Fund "Debt service (prin & int) 2022 note" is $74,480 (205% of budget) and was discussed with Corporate and to be corrected in the next financials. Mrs. Adams said Corporate was asked to provide copies of all paid invoices so she can investigate the issues.
Mr. Krebs also raised a signage item—Lykins-SignTek signs where the location text should read Southern Hills Drive rather than Southern Hills Court—and staff were asked to follow up on rusted lake and wetland signs for replacement.
The Board accepted the audit ratification and directed staff to obtain invoices and make ledger corrections for presentation in the next financial packet.
