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Southaven board approves FY24 audit; no significant findings reported
Summary
City attorney presented the FY24 financial audit, which staff said was completed before the September 30 filing deadline and contained no significant findings; the board approved the audit and the city will post the audit for public review.
The Southaven Board of Aldermen approved the FY24 financial audit during its Sept. 30 meeting after a staff presentation that the audit was completed before the Sept. 30 filing deadline and submitted to the federal audit clearinghouse and state auditors.
City Attorney Nick Manley told the board, “The audit was completed, prior to the deadline of September 30. It has been turned into the Federal Audit Clearing House along with SMP and State Alders Office. There was there was no significant findings in the audit.” Manley also said the audit “was done in accordance with the journal accounting principles.”
Board members noted an increase in excess surplus reported in the audit; officials said they will update the capital improvement plan to reflect the revised fund balance. The board authorized the mayor to approve the audit as presented and to publish notice that the audit is on file at City Hall and posted online for public review.
Why it matters: an unqualified audit and no significant findings indicate the city met required federal and state reporting standards for the fiscal year and preserves access to federal funding that requires timely audits.
