Audit: CliftonLarsonAllen gives Framingham an unmodified FY24 opinion, cites fixable federal grant findings

CliftonLarsonAllen issued an unmodified opinion on the City of Framinghamfinancial statements for fiscal year 2024 but flagged compliance gaps in the single-audit and several internal-control items in its management letter.

The audit partner, Matthew Hunt of CliftonLarsonAllen, told the Finance Subcommittee on March 25 that an unmodified opinion is "the best opinion available" and means auditors did not identify material misstatements in the city's financial statements. Hunt summarized key balances: about $158 million in bonds payable; a net OPEB liability of about $267 million; and a net pension liability that declined to roughly $92 million from $123 million the prior year, driven by investment gains in the pension trust fund.

Hunt said the city's general fund balance ended FY24 at about $68 million, with roughly $11 million committed to FY25 and $55 million unassigned. He noted the unassigned fund balance-to-expenditures ratio rose to about 15.2% from 13.7% the prior year, which he…