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Council approves audit response letter citing $1.8M capital-asset issue and KPI shortfall
Summary
Council voted to send the city's audit response to the Local Government Commission after staff detailed corrective actions including monthly reconciliations and building a fund-balance contribution to address a KPI shortfall and a capital-asset recognition issue of $1,800,000.
Council approved a staff-drafted response to the Local Government Commission (LGC) after staff reviewed audit findings and proposed corrective actions.
An interim manager (speaker 10) told council the audit identified a capital-asset recognition issue of approximately $1,800,000 and noted the city's key performance indicator (KPI) had fallen below the minimum 27% threshold. Staff proposed three control measures: reconcile capital accounts monthly, review repair and maintenance accounts monthly and perform an annual physical inventory of assets for insurance purposes. To improve the fund balance, staff proposed including a contribution in the budget.
Councilmember Williams moved to approve the response letter and Councilmember Harris seconded; the council voted in favor and the letter will be sent to the LGC. The interim manager said the measures should help the city detect issues sooner and improve fiscal controls.
