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External auditors report clean opinion on Villa Rica FY24 financials; net position up about $6.1 million
Summary
Malden & Jenkins presented the city's FY24 audit, reporting an unmodified (clean) opinion, no findings on internal controls, and an increase in government-wide net position of about $6.1 million for the year ended Sept. 30, 2024.
Meredith Lipson, an audit partner at Malden & Jenkins, told the Villa Rica City Council during a work session that the firm issued an unmodified (clean) opinion on the city's FY24 financial statements and found no reportable deficiencies in internal controls.
The auditors' presentations note total government-wide assets of roughly $156 million, liabilities of about $62.9 million, and net position of about $93.1 million as of Sept. 30, 2024. Lipson said the city recorded an increase in net position of approximately $6.1 million for fiscal year 2024.
Nut graf: The auditors said the city's annual comprehensive financial report (ACFR) exceeds state requirements and contains a management discussion and analysis (MD&A) that the council should review first for a concise overview of operations. Lipson said she expects the FY24 ACFR to again qualify for the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting.
In a slide tour of the report, Malden & Jenkins highlighted that general fund revenues were led by property and sales taxes and that public safety was the largest expenditure function at about $6.68 million. The auditors said the city's fund balance was strong, representing roughly seven to eight months of operating expenditures, and that enterprise funds (water, sewer, solid waste, stormwater) produced positive operating cash flows in FY24.
Lipson noted there were no audit adjustments that materially affected the statements; two immaterial adjustments were passed but not posted (one lease under GASB 87 and a prior-period gain adjustment related to accumulated depreciation). She also said the only recorded timing-related issue involved pension valuation items that await outside actuarial data.
The auditors walked council through upcoming GASB standards and offered continuing-education and advisory services available to the city. Lipson said: "We had no findings, no material weaknesses or significant deficiencies that were required to be reported." The presentation closed with praise for the city's finance staff and an offer to provide training or advisory services to departments.
Ending: Council members asked a few technical questions about revenue breakdowns and trends; the full ACFR and MD&A will be sent to the city for detailed review and will be available to the council and public when finalized.
