City’s Fiscal Year 2021 Audit Findings Addressed by Chief Financial Officer

City CFO Addresses Poor Accounting Practices in Recent Audit

In a recent audit report presented to the city council, Chief Financial Officer Jim Brigham addressed nine findings of poor accounting practices in the city’s Fiscal Year 2021 audit. Despite the findings, Brigham assured that all but one had been corrected.

The audit, conducted by certified public accountant Wanda Holley from Watkins Ward and Stafford, noted that the report was two years late due to difficulties in obtaining information from the city. Six of the findings were repeated problems from the previous year’s audit, including unbudgeted expenditures, failure to reconcile bank accounts, and improper tracking of transfers between accounts.

Mayor Keith Gaskin acknowledged the challenges faced by the finance department and emphasized the ongoing efforts to address the issues. Brigham, who started in April 2022, highlighted the steps taken to correct the findings and improve internal controls.

One of the significant deficiencies identified in the audit was the failure to maintain adequate records of capital assets. Brigham mentioned the challenges in tracking fixed assets and outlined plans to establish a comprehensive system for managing city assets.

Despite the shortcomings highlighted in the audit, Brigham expressed confidence in the progress made and the commitment to ensuring cleaner financial practices in the future. With ongoing efforts to address the issues raised in the audit, the city aims to improve its accounting practices and become better stewards of its resources.