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City auditor gives clean opinion on FY2024 statements, flags material weakness for unrecorded transactions
Summary
City auditor Jeff Schroeder reported an unmodified opinion on the fiscal year 2024 financial statements but identified a material weakness for unrecorded debt and loan transactions and recommended budget amendments for funds that overexpended their appropriations.
Jeff Schroeder of Bucinec, Hay, Roe and Schroeder LLC told the Poplar Bluff City Council on Aug. 4 that the firm issued an unmodified (clean) opinion on the city and municipal utilities’ FY2024 financial statements but identified a material weakness related to recording errors. In his presentation, Schroeder said auditors recommended significant adjustments because about $233,000 of capital improvements had not been recorded in the capital improvements fund and loan proceeds and capital expenditures associated with a Highway 67 fund—totaling a little over $11 million—had not been recorded in the financial statements. “The transactions were done right.…
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