Bancroft council approves $4,810 final payment to Maguire Iron after auditors flag water-tower accounting issue

The Village of Bancroft council voted on Aug. 14 to approve a $4,810 final pay request to Maguire Iron after a draft audit identified a material misstatement tied to the village water tower.

Councilmember B. Monroe moved to approve the payment; L. Fall supported the motion. Roll-call votes recorded Boggetta, L. Fall, F. Simpson, B. Monroe, E. Labadie and B. Barnum as "yes." The motion carried.

Representatives from audit firm Roy, Noye, and Warren presented the draft audit to the council. According to the auditors, "Everything went well this year. The auditor identified one material misstatements as part of the audit process and was required to make material adjustments. This misstatement pertained to the water tower," the presentation summary states.

The council approved the Maguire Iron pay request immediately following the audit briefing. The payment is described in the meeting record as the final pay request to Maguire Iron in the amount of $4,810.00; the transcript does not specify further contract terms or whether the audit adjustment affects prior payments beyond requiring accounting adjustments.

The audit presentation was recorded as a draft; the transcript does not include further detail on whether the auditors will issue a revised audit document or the timetable for finalizing the audit. No additional commentary from village staff about the nature of the accounting adjustment was recorded in the meeting minutes.

The council handled several routine financial items in the same meeting, including acceptance of the June and July bills and acceptance of the Treasurer's reports for June and July.

The meeting adjourned after completing the agenda.