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External auditor gives Framingham unmodified FY24 opinion; single-audit finds federal compliance gaps
Summary
External auditor Matt Hunt reported an unmodified opinion on the city's FY2024 financial statements and summarized fund‑balance and pension/OPEB positions. The single-audit identified six grant-related compliance findings and management‑letter items on water/sewer billing, IT continuity, and FEMA reimbursements.
Matt Hunt, CPA of CliftonLarsonAllen, presented the FY2024 audited financial statements and related reports to the City Council during the council meeting's audit presentation segment.
Hunt reported an unmodified opinion on the city’s financial statements, the highest available audit opinion, and highlighted general fund reserves, which grew by about $14 million to a total fund balance near $68 million, with roughly $55 million unassigned. He noted long‑term liabilities including about $308 million in bonds payable and OPEB and pension liabilities that drive a negative government‑wide net position — a common profile in…
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