Cate Moulton, a manager and CPA with Mack and Associates presented a fiscal year 2023 financial audit to the Regular City of Peru Council Meeting last night.
Moulton said that though the audit process went smoothly. The City of Peru had some changes creating a new TIF fund. TIF is, simply put, a mechanism for municipalities to spur economic development in specific neighborhoods they deem blighted or deteriorating. There were transactions due to TIF funding in 2023 that were not typical, routine transactions. This resulted in a few audit adjustments due to debt issued in the creation of TIF funding in 2023. The MVP TIF fund in particular spent in excess of money appropriated, which is not uncommon. Moulton all the adjustments are in the report, nothing was systematic just a reclassification of unusual transactions. (peru city hall)
Moulton’s audit deemed the City of Peru is properly accounting for all their transactions and their financial statements are fair. She said nothing was noted in her due diligence that would change a reader’s opinion of the financial statements.
It can be agreed that an unqualified auditor’s opinion such as Mack and Associates determined fiscal year 2023 for Peru’s to be, provides financial statement users with confidence that the financials are both accurate.