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Auditors give Delray Beach clean opinion; report flags pension gaps and software accounting change
Summary
CBIZ gave the City of Delray Beach an unmodified opinion on its fiscal 2024 financial statements while the annual comprehensive financial report highlights pension shortfalls, a $5.3 million drawdown of general fund balance and a new accounting treatment for subscription-based software.
CBIZ auditors told the Delray Beach City Commission on June 3 that the city's fiscal year 2024 financial statements received an unmodified ("clean") opinion and summarized the Annual Comprehensive Financial Report (ACFR) for the commission.
The auditors said unrestricted net position at September 30, 2024, was presented as a positive $86,300,000 and the city reported a positive change in net position of about $59,000,000 for the year. At the same time the General Fund showed a reduction in fund balance of about $5,300,000 at year end. Auditor Moises Arisa said one reason reported "other financing sources" of about $6,610,000 in the general fund relates to a recent Governmental Accounting Standards Board (GASB)…
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