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Report on Internal Control Over Financial Reporting <br />and on Compliance and Other Matters <br />Page 5 <br />Criteria: Revenues and related expenditures generally are required to be reported gross <br />rather than as a net amount. <br />Condition: The City has not been reporting certain activity due to the netting of the, revenues <br />against the related expenditures. Certain grant reimbursements were being coded against the <br />expense account that was being reimbursed. Developer reimbursement of City debt service <br />costs were netted against the expenditures. Additionally, debt service activity was netted <br />against escrow account activity for the crossover bonds. <br />Cause: Unknown. <br />Effect: Revenues and expenditures were understated. <br />Management Response: The City will correct this going forward by establishing separate <br />revenue and expenditure accounts for all grant activity, developer reimbursements and <br />escrow activities. <br />Hm <br />