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Missoula Parking Commission receives clean FY24 audit; $100,000 lease revenue misstatement corrected
Summary
External auditors gave the Missoula Parking Commission an unmodified (clean) opinion on its FY2024 financial statements, reported one immaterial misstatement that the commission adjusted, and found no internal control deficiencies or state-law noncompliance.
Janine Hathcock, partner with the commission’s external auditors, told the Missoula Parking Commission on April 8 that the auditors issued a clean, unmodified opinion on the commission’s fiscal year 2024 financial statements.
"It is a clean, unmodified opinion. It is the best opinion you can get," Hathcock said, adding that the auditors concluded the statements "are presented fairly in all material respects in accordance with accounting principles generally accepted in The United States."
Jill Morasco, engagement manager, summarized other reporting required under government auditing standards. She said the auditors identified one misstatement during the audit — a $100,000 overstatement of parking lease revenues that "were not considered earned by governmental accounting standards in fiscal year 24." The commission recorded the adjustment during the audit.
Morasco said the auditors did not identify any material weaknesses or significant deficiencies in internal control and reported no noncompliance with the sections of Montana law they reviewed. Janine noted upcoming accounting standard changes that may affect the commission, especially compensated-absences reporting and improved capital-asset disclosures.
The auditors also presented high-level financial trends included in the management discussion and analysis: net position increased slightly year over year (about $118,000), unrestricted net position declined by roughly $800,000, and restricted net position (net investment in capital assets) rose principally from debt paydown. The audit team noted operating revenue was relatively flat year over year; ticket counts fell (about 35,000 tickets in FY24, roughly 9,000 fewer than the prior year) and nearly 43% of tickets were first-meter/first-overtime warnings with a $0 fine.
The auditors provided separate reports on internal control and on compliance as required by government auditing standards and said they had no disagreements with management and no significant difficulties during the engagement. Hathcock thanked Parking Services staff for facilitating the first-year audit engagement.
The commission asked no formal follow-up during the presentation; staff said they would use the audit results in updating the March financials and finalizing adjustments to reconcile cash balances with the city’s records.
