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Auditors give Milton an unmodified opinion for FY2024; general fund remains a healthy reserve
Summary
External auditors issued an unmodified (clean) opinion on the City of Milton's fiscal year 2024 financial statements and highlighted a 40% unassigned general fund balance and about $16 million unrestricted resources.
Milton's external auditors presented the city's fiscal year 2024 financial results on April 28 and issued an unmodified (clean) opinion on the financial statements, the auditor said during a council presentation.
Will Durzis, a director with audit firm Malden & Jenkins, said the firm's auditors "did issue an unmodified or clean report on the city's financial statements for 09/30/2024." The presentation and the annual comprehensive financial report are available in the meeting packet and on the city's website, staff said.
Key figures the auditor cited:
- Total assets reported: approximately $270,000,000. - Total liabilities: about $95,000,000. - Net position (assets minus liabilities): roughly $175,000,000, of which about $126,000,000 represents capital assets (infrastructure, buildings and equipment) and about $33,000,000 is restricted by external parties. - Unrestricted resources: approximately $16,000,000 available for use. - Change in net position for FY2024: an increase of about $11,000,000. - General fund unassigned balance: about 40% of total general fund expenditures (auditor noted anything above 25% is generally considered healthy).
Durzis said the audit identified one reporting finding related to adjustments needed to properly record property tax revenues in the general fund and a green-space bond fund. The firm also provided a management recommendation on outstanding cash bonds payable; staff reported the outstanding amount has decreased over time.
Why it matters: An unmodified audit opinion indicates the financial statements are presented fairly in accordance with U.S. generally accepted accounting principles. The city's general fund reserve level and the auditors' observations will be relevant to council as it reviews the operating and capital budgets.
Ending
Councilors had no substantive follow-up at the meeting; staff will incorporate any audit recommendations into financial reporting and operations as appropriate.
