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Commission accepts FY2024 audit, approves inspector-general policy update, and clears bond refundings; external audit contract awarded
Summary
The City Commission unanimously accepted the FY2024 comprehensive annual financial report, approved an updated inspector-general policy, authorized issuance of multiple bond refundings, and approved an external-auditing contract selection; auditors delivered an unmodified opinion on the financial statements.
TALLAHASSEE — The Tallahassee City Commission unanimously accepted the city's FY2024 Annual Comprehensive Financial Report, authorized multiple bond refundings and financing resolutions, and approved an update to the city's inspector-general policy at its May 14 meeting.
David Reed, chair of the audit committee, told the commission auditors issued an unmodified opinion on the city's financial statements. "The auditor gave us, an unmodified, opinion. That's the highest opinion you can get," Reed said, and he commended Financial Services staff for preparing the mammoth report.
Commissioners adopted resolutions authorizing issuance of energy-system bonds (up to $124 million), consolidated-utility-system bonds (up to $110 million), and capital bonds (up to $105 million) to refund outstanding debt and finance capital projects. Commissioners also approved appointments of underwriters and managers associated with the bond sales as presented by staff; each bond action passed unanimously 4-0.
The commission unanimously approved an update to City Commission Policy 104, renaming the document the inspector-general policy, clarifying the office's responsibilities for investigations, inspections and evaluations, and adding reporting procedures for inspector-general reports.
The commission also approved the selection recommended by the audit committee for external auditing services to begin with FY2025; staff said the RFP process produced two responsive respondents and the committee recommended the highest-ranked firm. The selection was approved unanimously.
Commissioners praised the audit team and Financial Services leadership; the acceptance of the FY2024 audit and the inspector-general policy update were unanimous, and the bond resolutions and external audit contract were approved without dissent.
