PRINCETON — The Princeton City Council has accepted the city’s 2011-12 audit, after discussion about “significant deficiencies” as stated on the audit report.

At Monday’s meeting, Commissioner Joel Quiram said he had just received the audit on the previous Friday and needed more time to study the document, but he did see the new auditors said there were four “significant deficiencies” in the city’s operations. The Striegel, Knobloch & Company LLC firm of Bloomington firm performed this year’s audit for the city.

The first deficiency stated the city did not complete bank reconciliations in a timely manner. The second deficiency said several of the city’s individual fund cash in bank accounts are shown as overdrafts at the end of the fiscal year. The third deficiency noted the city has not properly funded the reserves required by the various bond ordinances, and the fourth deficiency stated the city has expenditures in excess of budgeted amounts in various funds at the end of the fiscal year.