Finding Text
Condition: Three of the twelve (25%) deposits tested had receipts that were not deposited within
the three working day requirement.
Criteria: Section 6-56-111(a). Tennessee Code Annotated, states: Every municipal official
handling public funds shall be required to, as soon as practical, but no later than (3) working days
after the receipt by such municipal official of any public funds, deposit the funds to the credit of
such municipality’s office bank account, or bank accounts.
Cause: The District is a small entity with limited resources including an office manager with no
other office staff. Effect: This creates the possibility of misuse or loss of collections.
Effect: Revenue figures may be inaccurate if receipts are not posted in a timely manner. This
leads to discrepancies in reported revenue and impacts the reliability of financial reports,
potentially resulting in misinformed business decisions.