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Auditor reports FY2022/23 findings; council says corrections underway
Summary
An auditor on the call reported fund balances and receivables in the FY2022/23 audit; council members acknowledged previously identified material weaknesses and said corrective steps have been taken. Audit specifics and benchmarking follow-up were requested.
The council received an audit update for fiscal year 2022/23 from the auditor on the phone. The auditor said the audit shows "about 17 and 0.5 percent of your expenditures" in a key fund and noted about $27,000 in leases receivable; he also offered to provide benchmarking for similarly sized towns if needed.
Council members acknowledged previous material weaknesses flagged in the audit and said they have initiated corrections with staff and a consultant (Doug). The council asked whether water-rate increases have improved fund positions; the auditor said he did not have benchmarking immediately available and agreed to follow up with comparative data at a later date.
