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Longmont receives clean (unmodified) audit for 2024; net position rises $153 million
Summary
City auditors issued an unmodified opinion on Longmont’s 2024 audited financial statements and highlighted a net increase in net position; a housing‑authority component unit audit produced a finding that was corrected and disclosed.
Auditors presented Longmont’s annual comprehensive financial report (ACFAR) and related audit results for the year ended Dec. 31, 2024, to City Council on June 17. City finance leadership said the city’s accounting team again won the Government Finance Officers Association (GFOA) certificate of achievement for excellence in financial reporting and that staff expect to meet the award criteria for a 46th time for the 2024 report.
Audit opinion and highlights Bill Riqui, lead auditor, reported an unmodified (clean) opinion on the city’s financial statements for 2024. Key figures presented by staff and the auditor included: - City‑wide total net position: $1,710,000,000. - Net increase in net position from 2023 to 2024: $153,000,000. - Governmental activities net position: $692,000,000; business‑type activities: just over $1,000,000,000. - Total assets held in trust for retirement benefits: $230,300,000.
Single audit and federal grants The auditors reported that the city expended approximately $7.1 million in federal funds in 2024. Specific testing included about $3.0 million of American Rescue Plan Act (ARPA) spending and about $3.2 million of highway planning and construction funds; the single audit disclosed no compliance exceptions in the grant areas tested.
Component unit finding and other matters The auditors said the Housing Authority — a component unit of the city — had a material weakness identified by its independent auditor related to an adjustment to federal grant revenue; the error was corrected and disclosed in the ACFAR, and a corrective action plan appears in the report. Auditors also noted the city adopted Government Accounting Standards Board (GASB) guidance affecting the valuation of compensated absences in the year; the change resulted in restatements in the financials but did not affect the audit opinion.
Council reaction Council members thanked finance staff for the team’s work and the clean audit result; no vote was required for the auditors’ presentation.
