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Council hears fiscal-year 2023-24 audit: general fund healthy, one finding at aquatics center
Summary
Auditors gave North Ogden a mostly clean opinion for fiscal year 2023-24; the city’s general fund ended the year above reserve targets and auditors flagged a single finding related to aquatics-center budget overruns.
City Finance Director Jamie Jones and Audit Committee Chair Ryan Barker presented the fiscal-year 2023-24 audit to council on Feb. 11. Auditors issued an unmodified opinion with one finding: the aquatic center exceeded its budget by roughly 10 percent, largely owing to higher chemical and utility costs.
Jones summarized the general fund performance: revenues finished about 5% over projections and expenditures came in roughly 2.5% under budget; the council started the year with an approximate 31% fund balance and ended at about 28% (staff cited a target of 25%). Jones and Barker briefed council that the water and stormwater funds showed losses driven primarily by depreciation and that rate adjustments were made during the prior budget season to address depreciation concerns.
Council follow-up Council members asked questions about pension liabilities and recommended inviting Utah Retirement Systems (URS) to present to the council to explain changes in pension obligations. Staff agreed to pursue that outreach and said they would schedule a work session with URS if available.
Ending Council thanked staff for their work preparing for the audit and agreed to follow up on pension and utility-fund depreciation issues. No formal vote on the audit opinion was recorded in the meeting minutes excerpted in the transcript; the committee had previously met with the auditors and recommended acceptance to council.
