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Auditors give Largo City clean opinion on 2024 financial statements
Summary
An auditor presenting Largo Citys annual report told the commission the city received unmodified opinions on the financial statements and on federal and state grant compliance, and reported no material weaknesses or findings in required management letters.
Auditors reported an unmodified (clean) opinion on Largo Citys fiscal-year financial statements and no reportable findings in the related government-auditing or single-audit exams.
The unmodified opinion, the auditor said, is "the highest level of assurance" and indicates users can rely on the numbers in the citys financial statements. The presenter reported two federal programs and one state program were subject to the single-audit procedures and each received an unmodified opinion.
Why it matters: A clean audit and a clean single-audit reduce near-term compliance and borrowing risks and signal to grantors and bondholders that the citys financial reporting and controls met professional standards for the year.
Details from the presentation included the auditor noting no material weaknesses, significant deficiencies or instances of noncompliance in the Government Auditing Standards report. The auditor also said management letters required by the Florida Auditor General contained no findings.
The auditor identified the three federal and state programs examined as the coronavirus recovery grant, the Community Development Block Grant (CDBG) and the State Housing Initiative Partnership program; all three, the auditor said, were in compliance with the grants requirements.
The presenter reviewed accounting-policy matters: there were no disagreements with management, no consultations with other accountants, no difficulties encountered during the audit and no error corrections that affected major fund classification. The city implemented GASB Statement No. 100 (Accounting Changes and Error Corrections) in the current year with no significant effect on the statements and was preparing for implementation of GASB Statement No. 101 (Compensated Absences) beginning fiscal 2025; management was still evaluating whether that standard would be material.
City finance staff noted the city received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the 2023 report and credited the finance team and the audit committee for the annual preparation. The city will make the audited annual comprehensive financial report available on the citys website and will place copies at the Largo Library.
The presentation closed with the audit presenter and staff inviting questions; none were raised that altered the audit findings.
Ending: Commissioners and staff thanked the finance department and audit committee for the work that produced the unmodified opinions and clean reports; no formal actions or referrals resulted from the audit presentation.
