Auditor gives Oldsmar an unmodified opinion on FY2024 financial statements

An independent audit firm told Oldsmar City Council on April 15 that the city's fiscal-year 2024 financial statements received an unmodified opinion and showed improved net position and healthy fund balances.

John Hauser, partner at the auditing firm that conducted the city's audit, summarized the report to the council and said the firm issued “an unmodified opinion on the city's financial statements.” He reported total assets of about $157 million, an increase from the prior year, and a net position of about $137 million, up roughly $7.4 million (a 5.7% increase). The auditor also noted an unrestricted governmental fund balance the city reported at roughly $4.8 million — about three months of expenditures — and that the city's unassigned fund balance exceeded the 15% policy threshold, at about 30%.

Hauser told the council there were no material weaknesses or instances of noncompliance identified in the audit and that the city provided timely information throughout the process. The audit included a compliance review of federal and state recovery funds; auditors reported no reportable instances of noncompliance related to those funds.

City staff thanked the auditing team and singled out the accounting staff, particularly Accounting Administrator Amy Ratliff, for preparing the annual comprehensive financial report. The council accepted the presentation and voted to accept the audit report.

The auditor encouraged elected officials and residents to review the full 35-page comprehensive annual financial report for additional detail; the report includes a management discussion and analysis, notes to the financial statements and 10-year statistical tables.