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City's FY24 comprehensive financial report receives unmodified audit opinion; single-audit shows no federal findings
Summary
City finance staff and outside auditors presented the FY24 annual comprehensive financial report (ACFR) and audit results to the council. Auditors issued an unmodified opinion on the financial statements, the single-audit produced no findings, and TIF agreed-upon procedures returned no exceptions.
City finance staff and auditors briefed the St. Albans City Council on the fiscal year 2024 annual comprehensive financial report and required audit work, including the financial-statement audit, single audit of federal awards and agreed-upon procedures for the municipal TIF district.
Sarah (finance staff) led the council through the report's structure and the distinctions between government-wide and fund accounting. She said that the general fund reported a positive total fund balance of about $750,000 at year end and that FY24 revenues were roughly $1.5 million higher than budget while expenditures were about $1.4 million higher than budget, producing an approximately $130,000 increase to fund balance. Staff attributed some budget variances to asset sales and to revenues and expenditures associated with new contracts and redevelopment activity that were not reflected in the adopted budget.
Auditor Alina (CBIZ audit lead) told the council the firm issued an unmodified (clean) opinion on the basic financial statements and the single-audit work produced no findings for fiscal 2024. The auditor also reviewed the city's TIF agreed-upon procedures; auditors reported no exceptions in the most recent procedures cycle. The auditors noted the city filed the ACFR by the December 31 deadline without an extension.
The presentation included details the council requested in prior years: a breakdown of long-term debt (including TIF debt), the net pension liability and funding strategies for closed and ongoing plans, and the structure of enterprise fund reserves. Staff said unrestricted net position in enterprise funds represents the city's working reserves for water, wastewater and stormwater operations. The report and presentation materials were placed on the city's website and submitted to the Government Finance Officers Association for award consideration.
Council members asked about the single-audit's risk categorization and management-letter items from prior years; auditors explained the single-audit risk rating reflected a prior-year finding and that prior management-letter recommendations had been addressed by staff.
