Tuesday, February 27, 2024
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Algood Will Work To Speed Up Transaction Processes After One Audit Finding

City of Algood will work to speed up its filing transaction processes after receiving one finding on its annual audit report.

The auditor found Algood needed stronger procedures to make sure all transactions are included in the general ledger.

City Administrator Keith Morrison said the finding was identified as a material weakness. He said he believes the oversight came as a result of having to juggle later transactions before the audit occurred.

“And I think that’s where the big issue came in is we had some checks come in at the end of the year for ARP funds where we’re doing a joint project with the county and getting them in in the miscellaneous and moving them to the utility fund,” Morrison said. “Making sure they’re on the right line is really the issue for us.”

Morrison said as a smaller agency, it can be more difficult to maintain all of the transactions in a timely fashion. He said to address the issue, the city will work to speed up those transactions, identify them more quickly, and make sure they are shown in the right place this year.

Morrison said the city will make sure to keep a closer eye on this moving forward. He said they will sit down at the end of the fiscal year and firm up what money is going in, what money is going out, what money is for the close of the year, and what money is for the coming fiscal year.

“We still have a strong fund balance and general fund balance,” Morrison said. “Closing year-end for ’22 is showing $6.2 million so we’re still good there. We’ve got an excess of two years’ worth of operating funds in the general funds. So we’re strong fiscally and financially nad we’re working on improving things, so I think we’re getting better at it.”