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Council adopts routine resolution to waive GAAP reporting for cash-basis audits (Resolution 2024-12)
Summary
Council received staff recommendation and adopted the city's recurring annual resolution to waive full GAAP reporting and audit on a cash basis (Resolution 2024-12). The resolution is routine and staff corrected a typographical numbering error before publication.
The Edwardsville City Council adopted a routine, recurring resolution to permit cash-basis financial reporting for the city's audit rather than requiring full GAAP reporting.
Why it matters: Adopting the waiver clarifies the citys financial-reporting basis for the upcoming audit and is a standard annual administrative step for some municipalities.
Staff presented the background and recommended adoption of resolution 2024-12 (staff noted a typographical line that would be corrected before publication). The staff summary described the waiver as required when the city elects not to conform with GAAP and said that, under a waiver, the audit focuses on cash receipts and disbursements rather than GAAP-based financial statements.
The council recorded support for the staff recommendation; clerical corrections to the resolution number were flagged and will be corrected prior to publication. The resolution is recurring and was presented as a routine item; staff said once published it becomes effective upon publication.
What happens next: Staff will correct the typographical error and publish the resolution; the city indicated that publication triggers effectiveness per the city's rules.
