The municipality has large amounts of unpaid taxes and other receivables but has not set aside any allowance for amounts that may never be collected. This could overstate the value of assets.

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Original Audit Finding Excerpt

"Real Property Tax Receivables 59,866,034.96 17,721,106.09 Allowance for Impairment – RPT Receivable 0.00 0.00 Net Value – Real Property Tax Receivable 59,870,694.96 17,725,766.09 Special Education Tax Receivable 59,866,034.96 17,721,106.09 Allowance for Impairment – SET Receivable 0.00 0.00"

Source Document