City of Livingston achieves timely financial audit for fiscal year 2024

During the recent Livingston City Council meeting held on April 15, 2025, significant progress in the city’s financial management was highlighted through the presentation of the fiscal year 2024 audit results. The meeting served as a platform for the city’s finance team to showcase their achievements in improving financial reporting and compliance.

The audit, conducted by the LSL team, confirmed that the City of Livingston received an unmodified opinion on its financial statements, indicating that they are accurate and reliable as of June 30, 2024. This marks a notable improvement from previous years, as the city had faced challenges in meeting deadlines and addressing material weaknesses in its financial practices. The successful completion of the audit by the March 31 federal deadline was a key goal set by the city and its auditors, and it was met without any untimely findings.

The audit results revealed that there were no material weaknesses or significant deficiencies in the city’s internal controls, a positive development that reflects the effectiveness of the finance team’s efforts. The team was commended for their hard work in rectifying issues from the previous year, including late submissions and inaccuracies in capital asset records.

Additionally, the meeting addressed the upcoming requirements for single audits, which are mandated when federal funding exceeds $750,000. For fiscal year 2024, the city’s expenditures related to the Coronavirus State and Local Fiscal Recovery Fund qualified for this audit. The threshold for requiring a single audit will increase to $1 million for fiscal year 2026, which may impact future financial oversight.

The council expressed gratitude for the finance team’s dedication, acknowledging the long hours invested in achieving these improvements. As the city prepares for the fiscal year 2025 audit, scheduled for the fall, the council is optimistic about maintaining a regular audit cycle and continuing to enhance financial transparency and accountability.

In summary, the April 15 meeting underscored the City of Livingston's commitment to sound financial management, with the successful audit serving as a testament to the progress made in recent years. The council looks forward to building on this momentum as they navigate future financial challenges and opportunities.