SULTAN — The State Auditor’s Office has warned the city that it needs to do a better job keeping track of its money.
The state issued a management letter, which is less serious than a finding, during the city’s financial and federal audit for 2014. Auditors noted Sultan staff responsible for preparing financial statements did not spend adequate time researching errors on monthly bank reconciliations and ending balances.
The city was dinged for similar problems during two of the last four audits.
The 2014 audit identified that the total value of ending cash and investments on city bank statements was not reconciled with financial statements. At the end of 2014, the city showed $65,054 more in the bank than what was reported in its general ledger and financial statements.
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