Finance director: FY25 audit showed two repeat material weaknesses; corrective actions underway

Marcia Solo, the city's finance director, briefed the Audit Advisory Committee on the corrective action plan for the FY25 audit, saying the audit included two material weaknesses that repeat from the prior year: one involving grant accounting and reporting, and the other related to audit adjustments.

"As Chair of the Committee just stated, there are 2 findings for '25. They're a repeat from last year. And 1 of them had to do with grant accounting and reporting, and the other 1 had to do with audit adjustments," Solo said, adding that with new staff and coordination (including with fire department grants staff) they are confident the city can get year-end processes under control and avoid repeating the findings in FY26.

Committee members pressed for details on how the city will know the weaknesses are fixed; Solo said the ultimate confirmation is the FY26 audit but emphasized monthly and quarterly close processes, reconciliations, and updated grant policies. The finance team plans to make fuller use of Tyler Munis and other modules and is using Debtbook to help with lease reporting and GASB compliance.