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Independent auditor gives Tega Cay a clean opinion; city posts positive net position and stable first-quarter results
Summary
An independent auditor issued an unmodified (clean) opinion on Tega Cay’s FY2024 financial statements and staff reported the general fund and utilities tracking to budget in the first quarter; auditors and councilors discussed GASB pension reporting and unrestricted net position.
An independent auditor told the Tega Cay City Council on Feb. 18 that the city’s fiscal 2024 financial statements are fairly presented and received an unmodified opinion, the highest level of assurance auditors give.
The auditor said the government-wide statement of net position showed total assets for governmental activities of about $51.2 million, with capital assets of roughly $34.3 million and cash and current assets of about $16.9 million; total governmental liabilities were about $28 million, producing a positive net position of about $24.9 million, of which 15% is unrestricted. The auditor described the city’s audit as clean…
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