The City of Goldsboro may have to wait one more month before the completion of its 2018-2019 Fiscal Year audit.
At this week’s city council meeting, John Frank from accounting firm Dixon, Hughes, Goodman, LLP explained the delay that has kept the audit from being completed in January as planned.
The auditors, working with city staff, identified some reporting issues from prior years that prevented the completion of the audit last month.
Frank says, fortunately, these latest adjustments have increased the city’s previously recorded net position and fund balance.
He says there has been no apparent instance of fraud or misappropriation of funds.
Frank says he is hopeful the city’s audit will finally be completed in the month of March.
The delayed audit has resulted in the city losing its bond rating, harming Goldsboro’s ability to borrow money.