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City of Lawrence receives clean FY24 audit; auditors flag long‑term debt and free‑cash use in committee discussion
Summary
External auditors gave Lawrence an unmodified opinion on its FY24 financial statements and single-audit reports. Committee discussion highlighted a $38 million use of free cash this year (largely for debt service and reserves), long-term debt levels, and large OPEB and pension liabilities; auditors suggested continued fiscal planning.
Auditors from CBIZ told the Lawrence Budget and Finance Committee on Sept. 10 that the city’s fiscal 2024 financial statements and the schedule of federal awards each received an unmodified (clean) opinion. Craig Peacock, managing director for the audit team, told councilors the audit found no material weaknesses or significant deficiencies.
"We did not note any major discrepancies whatsoever going through the audit," Peacock said. The auditors also reported timely and well‑supported documentation for bank reconciliations and federal grants; the single‑audit filing was submitted on time.
Committee members used the presentation to probe the city’s fiscal position. The auditors reported a general fund budget deficit of about $38 million in FY24; available funds and strong collections reduced the cash impact. Acting…
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