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External auditors give Jefferson City's fiscal 2024 statements a clean opinion; single-audit shows no findings
Summary
Williams Keepers issued an unmodified opinion on the City of Jefferson's FY2024 financial statements and performed a single audit of federal awards (about $5.8 million) with no findings or material weaknesses reported.
An audit partner from Williams Keepers presented the City of Jefferson's fiscal 2024 audited financial statements and single-audit results, reporting an unmodified (clean) opinion on the city's financial statements for the year ended Oct. 31, 2024.
The audit firm reported it issued a clean opinion on the financial statements and that management prepared the statements under generally accepted accounting principles. Williams Keepers also performed a single audit because the city had about $5.8 million in federal expenditures; the firm issued clean compliance reports for the two major federal programs tested (the Community Development Block Grant program and the Federal Transit Cluster) and reported no audit findings or material weaknesses.
Why this matters: a clean audit and absence of internal-control findings indicate the city's financial statements can be relied upon by users and that the audit did not identify material errors or reportable compliance issues for the federal programs tested.
The auditors noted implementation of GASB Statement 100 terminology changes in fiscal 2024 and reminded the council of upcoming GASB guidance (Statements 101 on compensated absences and 102 on certain risk disclosures) that will affect future reporting; auditors told the council they expect Statement 101 to have a notable effect on compensated-absence liabilities for the city in FY2025. Auditors praised the cooperation of city staff (Sheila and Shelby were cited) and said the first-year transition to Williams Keepers went smoothly.
No council action was required; the presentation of the audit was informational. Councilmembers asked clarifying questions about deferred inflows and deferred outflows (auditors explained the concepts as timing differences similar to prepaid expenses and deferred revenue), and a councilmember thanked staff for the clean report.
Ending: The audited financial statements and related reports were posted to the city website, and staff and auditors signaled follow-up work for next year to implement new GASB standards.
