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Biloxi auditor gives unmodified opinion; reports $18 million unassigned fund balance
Summary
Audit partner Kim Marmalich told the Biloxi City Council the fiscal 2024 audit received an unmodified opinion, found no internal-control or federal single-audit findings, and reported an $18 million unassigned general fund balance equal to roughly two months of expenditures.
Kim Marmalich, audit department partner at AVL, presented Biloxi’s fiscal year 2024 audit to the Biloxi City Council, saying the firm issued an unmodified opinion and found no reportable internal-control or federal single-audit exceptions.
Marmalich told council members the audit package includes three documents: a letter to those charged with governance, a management-recommendations letter and the bound audit report. “You have 3 items from me,” she said. The audited financial statements are as of Sept. 30, 2024, and the audit opinion was unmodified — the highest level of assurance the auditors can give.
The audit notes that the city implemented Governmental Accounting Standards Board guidance (GASB 101) in the reporting year and attaches proposed journal entries to the report. Marmalich said AVL performed a walkthrough of internal controls…
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