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Peoria receives clean FY2024 audit; council acknowledges annual financial report
Summary
External auditors issued an unmodified (clean) opinion on the City of Peoria’s fiscal year 2024 financial statements; auditors reported no internal control deficiencies and the council acknowledged receipt of the annual comprehensive financial report and auditor communications.
The Peoria City Council on Jan. 28 acknowledged receipt of the City’s FY2024 annual comprehensive financial report and auditor communications after external auditors issued an unmodified audit opinion dated Dec. 17, 2024.
Joshua Jumper, audit partner with Heinfeld, Meech & Co., told the council an "unmodified audit opinion dated 12/17/2024 was issued for the city's financial statements," and that auditors found no internal control deficiencies related to financial reporting or federal compliance in the single audit.
Why it matters: An unmodified opinion (commonly called a "clean" opinion) signals the auditors did not identify material misstatements in the city’s financial statements for the fiscal year ended June 30, 2024. City Chief Financial Officer Sean Kendall told the council the acknowledgment carries no new spending authority: "there's no future budget impacts. There's no spending that comes out of this," he said.
Details from the audit presentation: Auditors explained the single audit reviews federal financial assistance and that COVID‑19‑era grant spending still requires audit attention. The audit timeline presented showed fieldwork and final procedures for the FY2024 audit were completed after the fiscal year end, with draft reports circulated in November and final reports issued in December 2024 and January 2025. The governance letter included standard communications such as the engagement letter and a management representation letter; auditors reported no disagreements with management and no uncorrected misstatements.
Council action: A motion to acknowledge receipt of the comprehensive financial report and auditor communications passed 7‑0. Council members asked procedural questions about auditor selection; city staff said the city uses a request‑for‑proposal process and typically rotates audit firms or teams on a five‑year cycle.
The council’s acknowledgment fulfills statutory and federal single‑audit presentation requirements; it does not authorize any new spending or policy changes.
