McComb is one fiscal year closer to being caught up with overdue audits.
New Orleans accounting firm Bruno & Tervalon provided city leaders with a draft of the 2018-19 fiscal year audit, Mayor Quordiniah Lockley said Tuesday.
Lockley said City Administrator David Myers had the report that showed the city’s end-of-year fund balance was approximately $500,000 lower compared to the 2017-18 fiscal year.
Neither Lockley nor Myers were able to provide specific figures on the remaining cash balance on Tuesday.
Lockley said CPA Dr. Carolyn DuPre was working to reconcile city finances so Bruno & Tervalon can complete the 2018-19 audit.
The mayor said he decreasing fund balances has been a trend in recent years, but he was uncertain as to why. He noted the 2017-18 fund balance dropped by approximately $1 million from 2016-17.
Lockley said McComb received COVID relief funds during the 2019-20 fiscal year, which should have replenished the cash balance.
The audit for the 2019-20 fiscal year has not started, but Bruno & Tervalon is working on the financial statements, city officials said.
Lockley said he and Myers will talk with Bruno & Tervalon representatives this week about the audit report.
Bruno & Tervalon is expected to present the final audit to the board at either the Jan. 17 work session or Jan. 24 board meeting.
“They will actually come before the board and present the final audit before the board,” Lockley said. “That way, the board will have an opportunity to question them about the audit."
