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Astoria receives clean audit opinion for fiscal 2024; one immaterial contract timing adjustment noted
Summary
External auditor Moss Adams issued an unmodified opinion on Astoria's FY2024 financial statements, reported no internal control or compliance findings, and noted one immaterial, uncorrected timing adjustment tied to a Motorola contract.
Moss Adams presented the results of Astoria City’s fiscal year 2024 audit and issued an unmodified (clean) opinion on the city’s financial statements, auditor Ashley Austin said during the March 17 City Council meeting.
Moss Adams told the council the firm found no material weaknesses or significant deficiencies in internal control and no compliance findings for the single audit of federal Coronavirus Relief funds. The firm did note one immaterial, uncorrected audit adjustment arising from a Motorola emergency communications contract signed June 27, 2024; Moss Adams said that contract should have been accrued in fiscal 2024 and would have increased capital outlay and accounts payable by about $291,000 if posted.
The auditor described communications with management, including an extension request to the Oregon Secretary of State’s Audits Division that moved the city’s submission deadline to Feb. 28, 2025; Moss Adams said it issued its reports on Feb. 28. Austin reviewed upcoming Governmental Accounting Standards Board (GASB) standards the city will adopt (GASB 100 and later GASB 103 and 104) and said staff had adopted GASB 100 in the year under audit, which changed how some funds were presented.
Councilor Davis asked whether the Motorola item was a cutoff issue; Austin confirmed it was a period cutoff and that management elected not to post the immaterial adjustment. Austin and the firm said they found no evidence of fraud or other noncompliance that needed disclosure and reported no disagreements with management.
The presentation ended with a reminder that certain new GASB disclosures (including for compensated absences and risk disclosures) will be effective in future fiscal years and that management should review accounting policies in the financial statement footnotes.
The council did not take formal action at the meeting on the audit beyond receiving the presentation.
