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City auditors give 2 Rivers a clean opinion but note internal control findings and utility cash strains
Summary
CliftonLarsonAllen presented the independent audit of the City of 2 Rivers for fiscal year 2024, reporting an unmodified (clean) opinion, two internal control findings, material accounting adjustments, continued interfund borrowing, and utility-specific cash and rate considerations.
CliftonLarsonAllen, the city's independent auditors, presented the fiscal year 2024 audit Monday and issued an unmodified (clean) opinion on the city's financial statements while flagging two internal control findings and several material adjustments.
The auditors told the council they found a recurring issue related to the preparation of the annual financial report and a second, year‑to‑year issue involving adjustments required to the city's books. The latter included recording a retainage payable on an ongoing contract and ensuring American Rescue Plan Act (ARPA) revenue was recorded in the correct period. The auditors said those and other adjustments are disclosed in the…
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