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Board approves FY2025 audit; staff directed to consider revenue-cutoff policy
Summary
The Board approved the audit and discussed staff follow-up to consider adjusting the city's revenue-recognition lookback for grant receipts (options included 60, 90, 180 days or up to one year).
At the special meeting, after auditors explained a $1,794,000 timing correction to Fund 40, the board approved the fiscal year 2025 audit. Members and auditors discussed internal-control steps to reduce future cutoff errors, including changing the city's revenue-recognition lookback period for grant receipts. Options mentioned were 60 or 90 days (common), 180 days in some cases, or a full year depending on the grant-payment history. The board approved the audit by acclamation and directed staff to consider revising the policy and return with recommendations.
