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Port Orange audit finds no material issues for fiscal 2024; council discusses storm reserve and pensions
Summary
Independent auditors gave Port Orange an unmodified opinion and reported no audit comments for FY2024. Councilors discussed committing a portion of fund balance to a storm reserve, pension liabilities and the potential bond-rating effects.
Auditors from James Moore & Company presented an unmodified opinion on the City of Port Orange’s fiscal year ended Sept. 30, 2024, and reported no audit comments, the firm told the City Council during its meeting.
"This is the earliest that the city audit has been completed… it's the cleanest audit that we've had in a number of years," Zach Shalifor, partner at James Moore & Company, said during the presentation.
The audit shows the city’s general fund reserves at roughly 43 percent of annual spending, about a five-month reserve. Shalifor noted that the city’s internal policy target is 30–35 percent and that the Government Finance Officers Association (GFOA) recommends a minimum of…
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