FY 2024 audit: external auditor issues clean opinion; no material findings
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Summary
The city’s external auditor and finance director presented the fiscal year 2024 audit. Auditors reported an unmodified (clean) opinion, no material misstatements and no internal‑control findings; they recommended continued process improvements and noted a prior‑period adjustment tied to the Community Development Fund.
James Wood, the city’s finance director, opened the item by explaining the nature and scope of a financial audit and the sampling approach auditors use to test transactions. “A financial audit is a process by which a third party comes in to the city of Redmond and reviews our financial transactions,” Wood said.
Rob Tremper, the external auditor, told council the audit produced a clean or unmodified opinion on the City’s governmental activities, business‑type activities and each major fund. “For both the City and Urban Renewal, we issued a clean or unmodified audit opinion,” Tremper said. The auditor reported no significant difficulties in performing the audit and no items rising to the level of significant deficiency or material weakness in internal controls.
What auditors noted: Tremper and staff explained there was one prior‑period adjustment related to deferred inflows and an allowance for doubtful accounts in the Community Development Fund; staff implemented a change to record allowances at the fund level and said this correction should improve future reporting. Auditors also described routine estimate‑based disclosures (pensions, other post‑employment benefits, capital asset depreciation) that factors into government financial statements.
Federal awards and other reporting: The auditor’s single‑audit procedures tested selected federal programs; staff reported approximately $4,900,000 in grant expenditures for the year. Passenger facility charges totaled about $2,200,000 in collections and were included in audit procedures; auditors reported no federal‑program findings.
Recommendations and next steps: While there were no audit findings, auditors offered recommendations mainly on process and reporting practices, including investment‑valuation allocations and continued staff training for newly assigned tasks to strengthen checks and balances. Councilors praised staff for the clean audit and the finance team’s controls.
Ending: City leadership and the auditor thanked finance and central services staff for their work; no formal council action was taken at the meeting.
