Moab corrected $112,970 in developer deposits it had recorded as 2024 revenue

Moab's fiscal 2025 audit corrects the city's 2024 books for $112,970 in developer deposits that had been counted as revenue. ^[1]

In a note titled prior period adjustment, the audit says that during the year the city noted deposits collected from a developer in the amount of $112,970 were incorrectly reported as revenue in 2024. It says the amount was repaid in 2025 and the financial statements were restated to correct the error. ^[1]

What changed

For governmental activities, net position at June 30, 2024 was restated from $33,586,640 to $33,473,670, with $112,970 recorded as developer deposits. ^[1]

For the general fund, the June 30, 2024 fund balance was restated from $7,153,559 to $7,040,589. ^[1]

The general fund's budget-to-actual schedule shows the $112,970 restatement in the actual column for fiscal 2025, with no amount in the original or final budget columns. ^[3]

A separate restatement

The audit also restated beginning balances when the city adopted a new accounting standard on compensated absences, GASB Statement No. 101. That change reduced governmental net position by $658,234 and business-type net position by $100,510. The auditors said their opinions were not modified for the change. ^[2][4]

The audit does not name the developer or the project. ^[1]