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Single-audit reports show progress; auditors, mayor and finance director highlight improved fund balance and outstanding items
Summary
External auditors reported improved financial results and reduced findings for West Haven for the fiscal year ended June 30, 2024. The finance director said the city projects a small general-fund surplus, while the mayor noted ongoing work with the Municipal Accountability Review Board (MARB) and a Moody's presentation due the following day.
External auditors and the city—s finance team presented results from the FY2024 audits and ongoing financial monitoring at the March 10 council meeting, reporting improvements in fund balance and fewer material weaknesses but noting remaining control items to resolve.
Joe Santifani of PKF O—Connor Davies walked council members through the audit highlights. He said the city received a modified opinion on the financial statements and that the management—s discussion and analysis (MD&A) offers a concise executive summary of major changes. Santifani reported the city—s unassigned general-fund balance rose to about $21.2 million, roughly 12.5% of general-fund expenditures, up from 9% the prior year.
Santifani said the city—s net position improved in part…
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