Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City audit gives clean opinion but flags reporting error on federal grants
Summary
The City of Boulder received an unqualified audit opinion for its 2024 financial statements, but auditors and the audit committee reported a material weakness: certain federal grants administered through the county SBDC were misclassified as state grants and omitted from the Schedule of Expenditures of Federal Awards (SEFA).
Boulder’s outside auditors issued a clean, unqualified opinion on the city’s 2024 financial statements, but the audit committee reported a material weakness involving the classification of certain grants that led to an omission on federal reporting.
David Gross, teaching professor of finance at CU Boulder and member of the city’s audit committee, told council that CliftonLarsonAllen’s audit produced a “clean and unqualified opinion” on the financial statements but that auditors identified…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
