1. Financial Reporting and Bank Account Structure

Special Called Commission Meeting · 2026-05-21 · agenda_item

This agenda item concerns a review of the City of Palatka's financial reporting and bank account structure. The current setup of revenue and asset accounts, including those within the ADG accounting system and Ameris banking platform, makes accurate financial reporting difficult. This issue has been known for about two years, but corrective actions have not yet been taken. The city is being recommended to conduct a full review of its accounting system, banking structure, and fund setup. This review aims to ensure accounts are properly configured for accurate reporting and effective monitoring. This project is currently under review and involves assessing and potentially reconfiguring financial systems. Businesses that offer accounting system review, financial consulting, and IT support for financial platforms could find opportunities here. Early engagement before system changes are finalized could be advantageous.