In presenting the 2013 audit report, accounting firm reps recommended that the City of Park Falls bring up their fund balance and change their method of tracking expenses versus revenue throughout the year – one key business item at the Common Council meeting Monday, Aug. 11.
Rob Biller of Eagle Audit & Accounting said that auditors recommend municipalities maintain a fund balance representing around 30-percent of their overall budget. In last year’s audit term, Park Falls’ fund balance sat at about 18-percent of the budget; this time around, it had dropped to around 2-percent, according to Biller.
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