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Selma receives clean FY2024 audit but auditors flag major accounting adjustments and control weaknesses
Summary
External auditors issued an unmodified opinion on Selma's FY2024 financial statements but identified four audit findings, including more than $2 million in revenue adjustments, a $231,000 water fund budget overage and a bonding noncompliance under N.C. Gen. Stat. 159-29.
Selma's external auditors issued a clean (unmodified) opinion on the town's fiscal year 2024 financial statements but reported four formal findings and recommended corrective actions, the Town Council heard June 25.
The audit presentation by Leanne Bagasala, audit director at Mullins and Jenkins, summarized the town's financial position and identified material audit adjustments and internal control weaknesses that delayed the audit and required corrective action.
Bagasala told council the government-wide statement of net position showed total assets and deferred outflows of approximately $55,000,000, liabilities and deferred inflows of about $19,000,000, and reported net position of about $36,000,000. Net investment in capital assets was about $21,000,000, restricted net position about…
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