Auditors flag grant revenue recognition errors that affected filings
The audit found errors in matching grant expenditures to expected grant revenue, which affected the City’s annual financial report and single audit filing; auditors said the City properly tracked grant expenditures but did not always match revenues to the expected reimbursements.
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Auditor Kristin McAllister told council that one of the two material weaknesses involved grant revenue recognition, which in turn affected the City's annual financial report and the single audit package. "There were errors noted within your grant revenue recognition process," McAllister said, adding that while the City was "properly tracking your grant expenditures per grant," revenues were not always matched to anticipated reimbursements.
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