Report 2018-110 Recommendation 15 Responses
Report 2018-110: City of Lincoln: Financial Mismanagement, Insufficient Accountability, and Lax Oversight Threaten the City's Stability (Release Date: March 2019)
Recommendation #15 To: Lincoln, City of
By June 2019, Lincoln should develop and follow a process to ensure that it accurately and promptly records all year-end closing entries in its general ledger and issues its comprehensive annual financial report within the period that state law requires.
1-Year Agency Response
The City Council adopted a Closing Policy on February 12, 2019, and a Financial Reporting Policy on July 23, 2019. Full implementation cannot be substantiated until the Annual Financial Audit is completed. Financial audit was complete on time and substantiates compliance with the finding.
- Completion Date: June 2019
- Response Date: April 2020
California State Auditor's Assessment of 1-Year Status: Fully Implemented
Lincoln issued its fiscal year 2018-19 comprehensive annual financial report in December 2019, which is within the period that state law requires.
6-Month Agency Response
The City Council adopted a Closing Policy on February 12, 2019, and a Financial Reporting Policy on July 23, 2019. Full implementation cannot be substantiated until the Annual Financial Audit is completed.
- Estimated Completion Date: December 31, 2019
- Response Date: September 2019
California State Auditor's Assessment of 6-Month Status: Pending
60-Day Agency Response
City Council adopted a Closing Policy on February 12, 2019. The policy includes procedures for recording all year-end closing entries in its General Ledger.
- Estimated Completion Date: June 2019
- Response Date: May 2019
California State Auditor's Assessment of 60-Day Status: Pending
All Recommendations in 2018-110
Agency responses received are posted verbatim.