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Finance committee accepts Homewood City audited financial statements with unmodified opinion
Summary
The Finance Committee accepted the independent auditor's financial statements and single-audit packet for Homewood City after a presentation from the firm's senior manager; the audit report contained an unmodified opinion and noted a $4.9 million net improvement in fund balance.
The Homewood City Finance Committee voted 3-0 June 30 to accept the city's audited financial statements and the single-audit packet following a presentation by the auditor.
Jenny, a senior manager with the audit firm (identified in the meeting as VMSS), told the committee the firm issued an unmodified opinion on the financial statements. “We did have an unmodified opinion on the financial statements, which means that we didn't find anything when we were doing our audit that would require us to have to make a change or that's the highest level of assurance we can give,” she said. She also said the single-audit packet was filed with the Federal Audit Clearinghouse on Friday.
In her summary, Jenny walked the committee through the packet: the management's discussion and analysis, government-wide financial statements and fund-level statements. She said the city’s governmental funds reported total fund balance of 82,100,000 (as read in the packet) with $33,400,000 unassigned and that the net change in fund balance for the year was an improvement of $4,900,000. The packet includes required supplementary information and notes to the financial statements; Jenny said there were no changes in significant accounting policies during the year.
City Manager Glenn Adams and committee members thanked the auditor’s team. The committee’s motion to accept the audit was made by a committee member and seconded; the committee recorded the approval as “Aye. 3 to 0.”
The accepted materials include the full financial statement packet and the single-audit packet; the single-audit filing with the Federal Audit Clearinghouse was confirmed during the meeting. Committee members closed the agenda item after the vote and thanked the audit team.
