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Park City receives clean audit for 2024; cash balances rose $17 million
Summary
Auditor Forbus Mazars presented a clean statutory audit for Park City’s 2024 financial statements, reporting a $17 million increase in cash largely tied to capital project financing and a $2 million gain in the general fund tied to a new sales tax; council voted to receive and file the audit 5-0.
Park City officials received and filed the city's 2024 financial audit on June 24 after auditors issued a clean opinion under the state's statutory reporting framework and reported a sizable increase in cash balances tied to capital projects.
Michael Gerber, a partner with the audit firm Forbus Mazars, presented the results. Gerber explained the city reports under a Kansas statutory (cash) basis rather than full accrual accounting and that the audit issued a clean opinion for statutory requirements. "You do have the as clean of an opinion as you can get and see," Gerber told the council.
Gerber said total cash increased about $17 million year over year, driven largely by notes taken to finance capital projects that will be spent down as projects are completed. He also said the general fund rose by about $2 million, primarily because of a sales tax the city implemented last year. "Cash up about $17,000,000 year over year," Gerber said. "General fund has increased about $2,000,000. That's mainly related to the new sales tax the city implemented just last year."
The audit disclosed no material weaknesses or significant deficiencies in internal control. Gerber thanked the finance staff for timely support and noted detailed budget-to-actual schedules are available in the report for each fund.
A motion to receive and file the 2024 financial audit passed unanimously.
