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Delafield auditor reports clean opinion on 2024 financial statements
Summary
City auditor Kevin Krasinski of Johnson Black presented the 2024 audit, reporting an unmodified (clean) opinion on the city’s financial statements and noting a healthy fund balance and strong debt capacity.
Kevin Krasinski, CPA with Johnson Black, presented the City of Delafield’s 2024 financial audit at the July 21 council meeting and reported an unmodified auditor’s opinion on the city’s financial statements — commonly called a “clean” audit. Krasinski walked council members through the audit report, the management’s discussion and analysis section, fund financial statements and the notes to the financial statements.
The audit matters because the opinion and the underlying financial data support the city’s creditworthiness and provide an independent review of accounting practices, revenues and expenditures. Krasinski told the council the unmodified opinion indicates the financial statements were prepared in conformity with generally accepted accounting principles.
Krasinski highlighted several items for council review: the city’s general fund ended the year with an increase in fund balance to about $1.1 million; the city’s total fund balance represents roughly 32% of budgeted expenditures; and interest income produced a favorable variance of roughly $360,000 compared with budget. He also reviewed utility results, noting positive operating cash flow for water, stormwater and sewer (sewer showed a net loss driven largely by noncash depreciation, while cash flow remained positive). On long‑term debt the auditor said the city’s statutory general obligation limit was approximately $122 million while outstanding general obligation debt stood at about $14 million, leaving what he described as “very strong” debt capacity.
Krasinski summarized the report’s structure — the independent auditors’ report, management discussion and analysis, fund and government‑wide financial statements, notes and combining schedules — and invited questions. Council members did not raise significant objections; the mayor thanked Krasinski and said staff would follow up through the city administrator if questions arise after members read the full reports.
The council received the presentation; Krasinski noted the audit report and related communications are posted with the city packet materials for further review.
