Reconciling city police fines, utility accounts urged in audit

By Shawn Roney-For the Richmond News

Richmond should make some tweaks in its accounting of city funds.

That was the overall message Westbrook & Co.’s Rita Russell gave the City Council during Tuesday night’s general meeting at City Hall when sharing an overview of the Richmond-based accounting firm’s city audit for fiscal year 2014.

Overall, Westbrook gave Richmond “a clean audit opinion,” Russell announced. “That’s what you’re looking for when you have your bonding companies and others that are wanting your audited financial statements,” she said.

However, Westbrook also reported Richmond wasn’t compliant with Missouri statutes because a deficit was budgeted for its municipal complex fund, Russell said.

“We understand, for the 2015 budget, that is going to be resolved,” she said.

In addition, Westbrook recommended the city develop “a more formal procedure” to financially reconcile its utility billing account each month – a recommendation also made by Westbrook in 2014 in its FY 2013 audit, Russell reported.

“With $3 million of reported revenue reported for those funds, we feel that it’s necessary to have adequate controls – and the city should have those,” she said.

Because Richmond collects $100,000-plus in police fines, Westbrook recommended reconciliations each month for that account, too.

The complete story is in the Thursday, Feb. 12, 2015 Richmond News.

Click here for our E-edition and read the rest of the story.

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