- Associated Press - Wednesday, August 10, 2016

NATCHEZ, Miss. (AP) - The city of Natchez’s 2014-2015 fiscal year draft audit indicates the city overspent its budget by approximately $1 million.

The Natchez Democrat reports (https://bit.ly/2aACW9h) the draft audit was presented Tuesday to aldermen.

In addition to the city’s overspending, auditor Deanne Tanksley outlined basic governmental accounting practices that were not followed.

Tanksley said the central issue, and one that was also present in the city’s 2013-2014 audit, is the lack of attention to proper fund accounting, He says it’s mostly related to transfers of funds between accounts and inter-fund loans and how they were accounted.

When money is transferred between accounts, records must show the money leaving one account and entering another.

Despite overspending its budget, the city is not facing a deficit. Tanksley says the citywide fund balance is approximately $3 million.

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Information from: The Natchez Democrat, https://www.natchezdemocrat.com/


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