City of Alva has budget deficit of over $2 million
May 24, 2020
When Alva City Council members had an opportunity to read the 84 page FY 2018-2019 audit report last weekend, they learned about an ongoing problem with city finances. For the last several years, all Alva cash accounts have been pooled in one bank account. It appears over the last three years, the city was operating at a deficit, which affected the amount of cash available to pay bills. To keep everything going, money from one fund was borrowed to pay bills in a different fund, and this occurred multiple times.
The audit was done by Angel, Johnston & Blasingame, PC, an accounting firm f...