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City auditor presents FY2021 findings and warns single-audit threshold
Summary
Amber Danielski of CliftonLarsonAllen presented Thorp's FY2021 audit, explained a new leases rule and said the city must complete a single audit if federal spending exceeds $750,000 in one year; she also reported that TIF #5 and TIF #6 have been closed.
Amber Danielski of CliftonLarsonAllen LLP presented the City of Thorp’s FY2021 audit at the Sept. 12 council meeting, explaining changes to lease accounting and next steps for the city's records.
Danielski said auditors will request a list of all city leases so the accounting treatment can be calculated under the new rule. She told council that "a single audit will be required if more than $750,000 of federal money is spent in one year," and that the audit team had closed and finalized reviews for TIF #5 and TIF #6.
The presentation did not include any council motions or votes. Clerk-Treasurer Pogodzinski will coordinate provision of lease information to the auditors, who will complete required calculations and advise the city on any accounting changes.
No fiscal adjustments or formal actions were taken during the meeting; the audit presentation served to inform council of compliance thresholds and outstanding information requests.
