It will be a little longer until the City of Goldsboro’s latest financial review will be completed.
At this week’s city council meeting, John Frank from accounting firm Dixon, Hughes, Goodman, LLP informed the council they expected to finally complete the 2018-2019 Fiscal Year audit for the city next month.
Frank explained the Goldsboro Finance Director had noticed issued with the city’s accounting records that needed to be addressed, including with the city’s property and equipment records.
However, Frank says the problems are due to record-keeping, and he pointed out that DHG has not noticed any indications of fraud or misappropriation of assets.
The delayed audit has resulted in the city losing its bond rating, harming Goldsboro’s ability to borrow money.
However, Goldsboro City Manager Tim Salmon informed the council the late audit will not impact the city’s funding from the U.S. Department of Housing and Urban Development (HUD).