Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance Audit topic
No spam. Unsubscribe anytime.
Livingston receives clean FY2024 audit; single-audit triggered by ARPA funding
Summary
External auditors issued an unmodified opinion on Livingston’s fiscal year 2024 financial statements and reported no material weaknesses; council voted 4-0 to receive and file the audit report.
LSL CPAs director James Patera presented the City of Livingston’s fiscal year 2024 audit on April 15, reporting an unmodified opinion on the city’s financial statements and no material weaknesses or significant deficiencies. The council voted to receive and file the report.
Patera, director at LSL CPAs, told the council the audit and required internal-control reviews showed the city’s fiscal 2024 statements were “accurate and reliable as of 06/30/2024” and that the auditors found “no material noncompliance with any laws or regulations.” He described the result as a successful completion of the firm’s multi-year effort to get the city back on the regular reporting cycle.
The report also included a single-audit component because the city’s federal Coronavirus State and Local Fiscal Recovery Fund (ARPA) spending was reported at about $1,200,000 on the schedule of expenditures of federal awards. Patera explained the single-audit threshold in effect for the period was $750,000 (noting the threshold will increase to $1,000,000 for fiscal years ending in 2026).
Councilmember Roth made the motion to receive and file the audit; Councilmember Wallace seconded. The motion passed on a 4-0 roll call vote.
The auditor noted that prior-year findings related to late filing and capital asset records had been corrected for 2024. Patera thanked the city finance team for the effort to resolve those items and said the city is scheduled to return to the normal audit cycle for fiscal 2025.
