Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Independent auditors give Republic a clean opinion for fiscal year 2024; restricted bond proceeds decline noted
Summary
KPM presented the city’s FY2024 independent audit and issued an unmodified (clean) opinion. Auditors highlighted a decrease in restricted cash due to prior-year bond proceeds for Parks & Recreation projects, strong grant receipts for wastewater work and no findings in the single-audit for federal awards.
The City Council accepted the fiscal year 2024 independent audit presentation from audit manager Sandra Barrera of KPM, which included an unmodified (clean) opinion on the city’s financial statements.
Barrera summarized key figures: total governmental-fund assets of about $25.1 million (a decrease of roughly $3 million from the prior year), an increase in unrestricted cash of about $2.9 million, and a $6.4 million decrease in restricted cash driven largely by spending of prior bond proceeds for Parks and Recreation projects (notably the community center and aquatic center).
She reported that governmental fund revenues rose by about $1.8 million year over year, driven by taxes and charges for services; sales taxes increased roughly 3 percent (including three months of recently adopted marijuana-sales tax receipts) and property taxes increased about 7.9 percent. Charges for services rose substantially due to the new aquatic center, with aquatic admissions and concessions showing notable year-over-year gains.
On the water/wastewater side, Barrera noted there were not large operating variances but highlighted capital contributions from federal grants, including roughly $23.2 million related to wastewater projects and approximately $10.1 million in ARPA (SLFRF) funds routed through the Department of Natural Resources for those projects. The city underwent a single-audit for federal awards and KPM reported no findings.
Barrera also reminded council of upcoming Governmental Accounting Standards Board (GASB) changes that will affect presentation in future audits and thanked city finance staff for their support in completing the audit. Council voted 8-0 to accept the audit report.
