City audit: Soledad receives unqualified opinion for FY 2023–24; general fund reserves remain healthy
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Summary
Independent auditors issued a clean (unqualified) opinion on the City of Soledad’s FY 2023–24 financial statements; the audit shows a general‑fund balance of about $14.4 million, including council‑designated capital and emergency reserves.
City Finance staff presented the City of Soledad’s audited financial statements for the fiscal year ending June 30, 2024. Auditors issued an unqualified (clean) opinion and staff said the city’s reserves remain in a healthy position. Finance Director Mike Howard summarized the audit and told the council the auditors’ opinion reads in part that the statements “present fairly in all material respects” the city’s financial position as of June 30, 2024. Howard said work to convert the city’s accounting system delayed delivery of the final audit but that the conversion will allow the city to resume a normal audit calendar for FY 2024–25. Howard said the general fund balance at June 30, 2024 was approximately $14.4 million, with roughly $7.0 million set aside for capital projects and a council‑set $2.0 million emergency contingency reserve. He noted that the city has budgeted to use some operating reserves in 2024–25 but described the balance as a healthy cushion. Council accepted the audited financial statements. Howard said the audit included a single‑audit component because federal ARPA funds exceeded the single‑audit threshold during the audited year.
