So, apparently the town’s finances have had a significant number of ‘bookkeeping’ issues! However, the “Financial Leadership Advisor”, and “Chief Financial Officer” say this:
Unfortunately, errors occurred in the recording of PSAB transactions that have gone undetected. This report includes adjustments that impact reporting of reserve balances for internal decision-making purposes but have no impact on current or previous external audited financial statements.
I’ve looked a little at the numbers in https://midland.civicweb.net/document/16411/CSR-2020-13%202018%20and%202019%20Operating%20Capital%20Result.pdf?handle=1DC9006155AE4D0C98A1824E0A668F59 but I’d definitely need a really good reason to examine the numbers enough to really understand if a major problem is glossed over, or if the CFO and Advisor are providing accurate information. I have no reason to distrust either, so I am hopeful that the main thing this does is change the internally tracked split outs that council uses for budget decisions, so that budget decisions are in line with reality this budget season.
It’s certainly not a happy news item, in my opinion. At a quick glance, it looks like the town has a significantly different internal landscape than previously reported.
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