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Independent auditor gives Lewiston unmodified opinion on FY2024 financial statements; fund balance above policy ceiling
Summary
RHR Smith presented the city's FY 6/30/2024 audit and reported an unmodified opinion. The city ended FY24 with a fund balance above its 8%--12% policy range, a reduced workers'comp liability and mixed revenue/expenditure variances.
Ron Smith, principal at RHR Smith and Company, told the Lewiston City Council at a March workshop that his firm issued an unmodified (clean) opinion on the city's financial statements for the fiscal year ended June 30, 2024. Smith said the firm also completed the federal compliance audit required because the city and school department spend more than $750,000 a year in federal funds.
The audit presentation focused on general-fund activity and key ratios. Smith said the general fund was budgeted for about $157 million in revenues and collected roughly $166 million, producing about $9 million in over-collections, and…
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