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External auditors give City of Laredo an unmodified opinion on FY2024 financial statements
Summary
The council received the FY2024 comprehensive annual financial report and auditors told the council they issued an unmodified (clean) opinion and no material weaknesses were identified in the single‑audit or internal control reports.
LAREDO — External auditors Canales, Garza & Bom delivered the City of Laredo’s FY2024 audit results to the City Council on Monday and reported an unmodified opinion on the city’s financial statements, the strongest opinion available in government auditing.
Juan Jose Larsson, audit partner at Canales, Garza & Bom, said the firm issued (1) an unmodified opinion on the financial statements, (2) no reportable internal control material weaknesses under Government Auditing Standards and (3) no findings that rose to the level of a material weakness in the single‑audit of federal and state grant programs. The auditors also presented the management letter and the annual comprehensive financial report (ACFR) prepared by city staff. City finance staff confirmed the city will distribute the ACFR and related letters and noted their continued submission of supplemental award applications (the City’s finance department also reported 34 consecutive years of the Government Finance Officers Association award for financial reporting).
Council action: a councilor moved to accept the audit report; the motion passed unanimously. The city manager and finance director thanked the finance team and the auditors for the report.
Why it matters: an unmodified opinion means the auditor believes the financial statements present fairly the city’s financial position in accordance with accounting standards. Council members said the report is useful to restore public confidence after recent fiscal debate and that staff should communicate the result publicly. Finance staff said they will re‑publish the ACFR and the auditor’s letters on the city website.
