I truly hope this is fake news!
Link: City of Roslyn Financial Statements
The Washington State Auditor’s Office performed an independent audit of the City of Roslyn’s financial statements for the years 2018, 2019, and 2020. The audit revealed a material weakness in internal controls over financial reporting, primarily due to:
- Lack of technical expertise among staff to prepare financial statements in accordance with the BARS (Budgeting, Accounting and Reporting System) manual.
- Absence of a secondary review process to catch and correct errors.
- Failure to properly record logging revenue and expenses in the general ledger, resulting in an underreporting of $533,680 in 2018.
Additional errors included:
- Misclassification of over $3.5 million in cash and investments.
- Overreporting of pension liabilities by $49,396 in 2018 and $108,078 in 2020.
The City attributed these issues to staff turnover and inadequate training, and has since taken steps to redistribute responsibilities and improve consistency in financial practices.
Despite these findings, the Auditor issued an unmodified opinion on the fair presentation of the City’s financial statements under its regulatory basis of accounting.
Read the full report details here: https://portal.sao.wa.gov/ReportSearch/Home/ViewReportFile?arn=1030885