Luke Post with the firm said preparing the audit was a challenge. Post said his firm put the City staff through hell in acquiring documentation necessary to be able to get the City a clean audit opinion.
Post credited City Administrator Gary Jorn and his staff for their work in gathering the needed information.
Post outlined some of the issue discovered during the auditing process. The issues including the fund balance in the Electric Department was off by more than $12 million. He cited issues with the paper financial statements did not match up with the accounting system. Cash was off in some other funds by as much as $2 million.
Despite the issues, all the money is accounted for.
Post also discussed issues in tracking of the $15 million grant from the state for the transmission line project that is planned to bring more electrical capacity to Falls City creating additional challenges.
The money is in the city accounts but entries made did not report any revenue from the grant.
Post went on to outline deficiencies discovered and recommendations to correct the issues in the future.
