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Coconut Creek accepts fiscal 2024 comprehensive financial report after clean audit
Summary
The commission accepted the city’s Annual Comprehensive Financial Report for the fiscal year ended Sept. 30, 2024, after auditors delivered a clean (unmodified) opinion and praised the finance department’s internal controls; officials highlighted an unassigned general fund balance of roughly $36.3 million.
The Coconut Creek City Commission voted to accept and file the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended Sept. 30, 2024, after a presentation by Finance Director Peter Gay and the city’s audit partner, Stephen Emery of Citrin Cooperman.
Auditor report: Stephen Emery, partner in charge of the city audit at Citrin Cooperman, reported an unmodified (clean) opinion on the city’s basic financial statements and noted no material weaknesses or reportable noncompliance. Emery told the commission auditors did not have to post adjusting journal entries to reach a clean opinion — a result he described as notable because many jurisdictions require auditor adjustments at year-end.
Financial highlights: Finance Director Peter Gay said the city closed FY24 with about $36.3 million in unassigned general-fund balance — roughly five months of operating expenses — and that the city achieved budgetary compliance for the year. The finance director credited strategic financial management and grant funding for supporting reserve levels and enabling continued capital planning.
Commissioner reaction: Commissioners praised the finance team. Commissioner Brody called the department “conscientious” and thanked staff for producing reliable reports; Commissioner Welch thanked staff for individual briefings that aided commissioners’ understanding of audit and reporting processes. Commissioner Riedell disclosed a vendor relationship with the audit firm in keeping with ethics rules and noted he had recused elsewhere as appropriate.
What was decided: The commission voted unanimously to accept the ACFR and related independent auditor reports for filing with the city clerk and public record.
Next steps: The ACFR will be archived as the official audited financial statements and forwarded to the Government Finance Officers Association (GFOA) for certificate-of-achievement evaluation. The finance director said the city already holds multiple GFOA recognitions, and staff expected to continue to pursue awards for excellence in financial reporting.
Excerpts: “We have an unmodified, which means a clean opinion on your basic financial statements,” the auditor told commissioners, adding that no significant deficiencies or material weaknesses were identified. Commissioner Brody said the audit validated the commission’s expectations of a highly capable finance team. (Transcript excerpt: ACFR acceptance and auditor presentation.)
