Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City of Wildwood audit: clean opinion, one implementation timing adjustment for new GASB rule
Summary
Independent auditors issued a clean (unmodified) opinion on the City of Wildwood's 2024 financial statements and its single-audit of federal grants, but reported a one-time, immaterial timing adjustment tied to implementation of GASB 101 for compensated absences.
Brandy Lawyer, audit partner with Reuben Brown, told the City of Wildwood council the auditors issued a clean, unmodified opinion on the city's financial statements for the year ending Dec. 31, 2024, and reported no findings.
The auditors also issued a draft single-audit report covering federal grant activity (the city's state local fiscal recovery funds) and reported no findings on that review. Lawyer said the single-audit draft was prepared the same day and the final filing with the federal clearinghouse was expected soon.
Why it matters: A clean opinion indicates the auditors found the financial statements fairly presented in all material respects under the applicable accounting framework. The single-audit result means the auditors did not identify problems in the federal grant tested, reducing immediate compliance risk for…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
