· Context
FY2023 annual audit issued; business-type net position restated for a depreciation correction
The auditor's report on the fiscal 2023 statements is dated February 27, 2024. Note 1 records a $3,383,736 accumulated-depreciation correction to business-type net position after the City's fixed-asset subledger over-depreciated assets, alongside a GASB 96 subscription-IT restatement.[1]
What the sources say
- ✓ Verified
The fiscal 2023 ACFR (auditor's report dated February 27, 2024) records an accumulated-depreciation correction of $3,383,736 to business-type net position at September 30, 2022, stating that the City's fixed-asset subledger had over-depreciated fixed assets; it also records a GASB 96 (subscription IT arrangements) restatement to governmental activities.[1]
- Depreciation correction
- $3,383,736