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Board reviews tax receipt timing, says audit required only above $1M annual threshold
Summary
Board discussed a discrepancy in tax collections and deposits, noting $352,000 was deposited in December though collected earlier, plus an additional $114,000 deposited in January; staff said state audit rules do not require an outside audit if annual revenues are under $1,000,000 but several reporting items remain.
Board Chair (S1) reported a timing discrepancy in tax receipts and explained the district's expectations for collection rates and audit thresholds. "We've since received an additional 114,000 that was collected in December and deposited January," Chair (S1) said, and the board heard that the district expects to receive about 95% of total taxes by the end of the year; properties are subject to auction after five years if taxes remain unpaid.
Chair (S1) said the state audit department advised that an external audit is not required when annual revenues and expenses are below $1,000,000, but that the district still has a list of about ten recurring reports to complete during the year. Board members discussed how accumulated annual revenue (including capital transactions) could push the district over the audit threshold if they purchase property.
