Drescher and Malecki Partner Carl Widmer presented the results of the 2023 audit to Jamestown City Council (March 10, 2025)
The City of Jamestown received a clean report for the audit of 2023 finances.
Drescher and Malecki Partner Carl Widmer presented the results of the audit to Jamestown City Council Monday night.
The delay of the report on the audit of 2023 is part of a cascade of late reports going back to the fiscal year 2022 not being closed out until the end of October 2023. That delayed the ability to complete the 2022 audit and then give a report out until February 2024.
Normally, an audit is presented several months after the close of the previous fiscal year.
Widmer said the city’s revenues for 2023 saw a $923,000 decrease. He said the city’s total fund balance was $8.3 million with the unassigned balance at $7.1 million.
Widmer said the unassigned balance currently represents 14% of the year’s spending and is below the 16.7% the Government Finance Officer’s Association (GFOA) recommends in terms of a municipality’s general fund having at least two months of spending in their unassigned balance.
Due to the city spending more than $750,000 in federal funds in a fiscal year, Widmer said a single audit is required in addition to the regular audit. He said this is due to the spending of American Rescue Plan funds. The City spent nearly $10 million in ARPA funds in 2023.
Widmer said the recommendations include having additional staff be involved in checks and balances where finances are concerned.
Drescher and Malecki will next tackle the 2024 audit, but they don’t anticipate the records being in order to start that job until near the end of September.
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