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Board accepts audited report and reviews unaudited September financials with requested corrections
Summary
The Board ratified Resolution 2024-05A accepting the audited financial report for fiscal year ended Sept. 30, 2023 and accepted unaudited financial statements as of Sept. 30, 2024 while staff flagged apparent misallocations (Engineering at 209% of budget; Contingencies at 421% due to $4,209 misclassification) to be corrected.
Mrs. Adams presented Resolution 2024-05A ratifying acceptance of the audited financial report for the fiscal year ended Sept. 30, 2023; the Board ratified the resolution unanimously. She then distributed the unaudited financial statements as of Sept. 30, 2024 and identified items that appear misallocated: General Fund 'Engineering' showed 209% of budget; 'Contingencies' showed 421% of budget because $4,209 belongs under landscaping; NPDES reporting filing was $19,805 (152% of budget); and the 'Debt service (prin & int) 2022 note' item was $74,480 (205% of budget).
Mrs. Adams said Corporate was asked to provide copies of all paid invoices so she can review and correct allocations, and she expects the error on the debt-service item to be fixed in the next financial statements. Mr. Blumenthal requested an updated report date be reflected on the five-year proposed budget (should read July 15 or 20, 2024). The Board approved the audited report and accepted the unaudited statements while directing staff to provide supporting documentation for the questioned entries and to correct the ledger as needed.
