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Council accepts FY2024 comprehensive financial report; auditors issue clean opinion
Summary
External auditors Forvis Mazars gave the City of Cocoa an unmodified (clean) opinion on the FY2024 financial statements and compliance reports; council accepted the annual comprehensive financial report unanimously.
The Cocoa City Council unanimously accepted the city's FY2024 Comprehensive Annual Financial Report on April 8 after auditors from Forvis Mazars presented a clean (unmodified) opinion.
Auditor Joel Knopp told the council there were no audit adjustments and no significant internal-control deficiencies identified. The audit firm also reported clean compliance findings on tested federal and state grant programs, including coronavirus state and local fiscal recovery funds and a hazard mitigation grant.
Key financial highlights the auditor noted included strong liquidity measures, a positive change in net position for both governmental and business-type activities, and a healthy General Fund with a large assigned and unassigned fund balance. The water and sewer enterprise fund also reported positive operating income.
Why it matters: An unmodified opinion indicates the auditors found Cocoa's year-end financial statements fairly presented under generally accepted accounting principles; clean compliance reports mean the city met the rules tested for major federal and state programs. Council praised city finance staff for consistent, clean audits.
The council voted to accept the report; staff and auditors will file required documentation with state agencies and make the CAFR available to the public.
