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Auditor gives Village of Tequesta a clean opinion on fiscal 2024; fund balance and operating metrics improve
Summary
Malden Jenkins presented the village’s annual comprehensive financial report and issued an unmodified (clean) opinion; auditors reported a positive change in net position and no findings, and highlighted upcoming GASB 101 implementation.
An independent auditor presented the Village of Tequesta’s annual comprehensive financial report and issued an unmodified opinion, saying the village’s finance staff produced accurate financial statements and that auditors found no material weaknesses or significant deficiencies.
Wade Sansbury, partner in charge at Mautner & Jenkins, told council the village recorded a positive change of about $6.5 million for the fiscal year and closed with a general fund balance of roughly $8.8 million. Spending per resident was reported at just under $3,200 and overall debt per resident declined to about $1,280. The report showed approximately 101 village employees at year-end.
The auditor said the village did not receive or spend more than $750,000 in federal or state awards in the year and therefore was not subject to a federal single audit. Sansbury also flagged an upcoming accounting standard (GASB 101) that will affect compensated-absence reporting; he advised the village to prepare data for 09/30/2024 and 09/30/2025 because implementation might require a restatement.
Councilors thanked the finance department for the clean audit and for preparing the comprehensive report. No audit findings or corrective actions were reported at the meeting.
