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Finance director finds 147 unreconciled adjustments; books overstated by about $340,000
Summary
Finance Director Eileen Egan told the Finance Committee she found 147 outstanding adjustments and unpaid invoices dating to 2024 that have left the city's books overstated by roughly $340,000; she aims to clean up records by June 1 and will consult auditors about prior-year adjustments.
Eileen Egan, the city's finance director, told the Olmsted Falls Finance Committee on April 14 that her team found 147 outstanding accounting adjustments that prevented the city from closing January 2026 and have left the books overstated by roughly $340,000. "The books are overstated by $340,000," Egan said, adding that some reconciling items date back to March 2024.
Egan said her office closed the 2025 books in March but encountered unpaid invoices and other reconciling items while attempting to close the first months of 2026. She said the administration has been paying down invoices that were not cleared in prior years and that those payments are affecting current-year budgets. "We have been paying off invoices since she started and those costs are close to $400,000," Egan said. Egan told the committee she will review records with the city's auditors to determine whether adjustments to earlier years are needed and set a working goal of June 1 to complete the initial cleanup. The matter remains subject to auditor review.
