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External audit: Somersworth posts unmodified opinion for fiscal year 2024
Summary
Plautzik and Sanderson presented the FY2024 audit to the council and reported an unmodified (clean) opinion; the general fund unassigned balance rose to roughly $10.3 million and no federal-compliance findings were reported.
Plautzik and Sanderson audit manager Bridal Gibbons presented the city’s fiscal year 2024 audit to the Somersworth City Council on May 19 and reported an unmodified (clean) audit opinion on the city’s financial statements.
The nut graf: The auditors said all major opinion units were fairly stated in all material respects. On the budgetary basis, the city’s beginning unassigned general-fund balance on July 1, 2023 was reported as about $9.6 million and the ending unassigned fund balance increased to roughly $10.3 million after a net positive result for the year.
Gibbons walked council through exhibits distinguishing government-wide financial statements (full accrual) and governmental funds (modified accrual), noting differences between accounting bases and pointing to exhibits in the audit report (exhibits A–F and schedules). Exhibit D (general fund budget-to-actual) showed an underspend of appropriations of about $670,000, and the auditor characterized the fund balance as “very healthy” for the city’s size.
The auditors also reported the city’s federal single-audit results: Somersworth expended more than the federal single-audit threshold of $750,000 and the single-audit compliance work found no compliance issues, material weaknesses, or significant deficiencies. Audit notes and detailed schedules are contained in the report distributed to councilors.
Councilors thanked the audit team and finance staff for their work; no council questions were recorded in the meeting transcript.
