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City auditor issues modified opinion on 2024 financial report; general fund balance rises
Summary
Auditors from ABDO reported a modified opinion tied to GASB standards for pensions, leases and other postemployment benefits; the city’s unassigned general fund balance rose to about 64% of next year’s budget, well above the city policy goal.
MOUND CITY — Auditors from ABDO presented the city’s 2024 Annual Comprehensive Financial Report on June 24 and said they will issue a modified opinion only because three Governmental Accounting Standards Board (GASB) standards (GASB 87, 75 and 68) relating to leases, other post‑employment benefits and pension reporting were not fully adopted in the report’s scope.
Alex Bridal, senior associate with audit firm ABDO, told the council “the only reason we wouldn’t offer a clean report… is due to GASB 87, 75, and 68,” and said everything outside of those items was “fairly stated in all material aspects” with “no internal control findings.”
Key findings…
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