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Suamico audit: independent firm issues clean opinion, flags disclosure and classification changes
Summary
CliftonLarsonAllen presented the Village of Suamico's 2024 financial audit, issuing an unmodified opinion while noting GASB-related classification changes and one routine disclosure-related finding about preparation of the financial statements.
Amber Driski, a principal with CliftonLarsonAllen, told the Suamico Village Board on June 16 that the firm issued an unmodified ("clean") opinion on the village's 2024 financial statements.
Driski said the audit included an "emphasis of matter" related to new Governmental Accounting Standards Board guidance (GASB 100) that affected how Tax Incremental District 4 (TID 4) is presented. She said GASB 101 also was evaluated for its effect on compensated absences and that the change was not material to the financial statements.
The auditor reported no compliance findings but disclosed one routine finding: the firm prepared the village's financial statements. Driski described that item as common practice for many clients because of the complexity of required disclosures.
CliftonLarsonAllen told trustees the village's general fund fund balance was approximately $2.8 million at Dec. 31, 2024, with an unassigned portion of about $1.7 million (roughly 28% of expenditures), above the village's 25% policy. Driski said that level is generally healthy and provides flexibility given capital needs and inflationary pressures. She highlighted several special-revenue and capital fund balances called out in the report: park development fees (~$105,000), a stadium-district tax (~$100,000 remaining), a wetland bank (~$364,000), and the capital improvements fund (about $2.8 million earmarked mainly for equipment replacement and future projects). She also summarized enterprise-fund cash changes: a garbage and recycling cash surplus of about $115,000, a water utility cash surplus of about $259,000, and a sewer cash surplus of about $458,000, noting timing and capital contribution differences across years affect comparability.
Driski recommended that the village continue to monitor rates and capital plans for utilities so those operations generate sufficient cash for debt and maintenance. She also pointed trustees to a single-page notice in the materials about the $750,000 federal threshold for a federal single audit and explained the village used an alternative examination procedure permitted by the federal government.
Trustees asked no follow-up questions after the presentation. Driski and village staff said hard copies of the audit were available and that staff could follow up on a minor typographical correction to the water rate-of-return number for the report.
