Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Acfr Audit topic
No spam. Unsubscribe anytime.
Independent auditor gives Fond du Lac a clean opinion, flags one adjustment; fund balance rose
Summary
Clifton Larson Allen presented the city's Annual Comprehensive Financial Report, delivering an unmodified (clean) audit opinion, reporting one audit adjustment and no federal/state compliance issues, and noting growth in the city's unassigned general-fund balance and favorable debt-limit metrics.
Clifton Larson Allen LLP on Aug. 13 presented the City of Fond du Lac's Annual Comprehensive Financial Report for the year ended 2024 and issued an unmodified (clean) audit opinion. Brian Grunewald, principal with Clifton Larson Allen, told the council the audit produced an unmodified opinion and described the city's internal-control review and compliance testing. "It is considered to be, clean, meaning I believe that your financial statements are complete and accurate and in accordance with our professional standards," Grunewald said. He also reported one audit adjustment to city records and no findings related to federal- or state-program compliance. Nut graf: The presentation highlighted an improving financial position: the general fund recorded revenues exceeding expenses by about $2.2 million for 2024, the unassigned fund balance rose to $11.5 million, and the city's outstanding general-obligation debt represented 43.7% of the statutory limit at year-end 2024, down from about 52% in 2020. Grunewald also congratulated the city for receiving the Government Finance Officers Association certificate of achievement for excellence in financial reporting for the 30th consecutive year. Council members asked whether audit results affected the city's bond rating; staff replied rating agencies such as S&P review the city's financial statements as part of their analysis. Council Member Mullen asked whether the unassigned-balance increase related to shared revenue; staff attributed the primary cause to higher interest revenue from elevated interest rates and account balances. Discussion vs. decision: This was a received presentation; no action was required or taken at the meeting. Staff offered to answer follow-up questions and directed council members to the management discussion and analysis and budget-to-actual statements for more detail. Ending: Council thanked the auditor and finance staff and moved on to subsequent departmental budget presentations.
