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Independent auditors issue unmodified opinion on Tampa Bay Water 2024 financial statements
Summary
Malden and Jenkins presented the 2024 financial audit and issued an unmodified opinion; staff were praised for timely records and there were no audit findings or required federal/state single audits for 2024.
Tampa Bay Water's independent auditors, Malden and Jenkins, presented their audit of the authority's fiscal year ending Sept. 30, 2024, and issued an unmodified opinion, the highest level of assurance the auditors can provide.
Senior manager Garrett Marlowe told the board the audit found no significant difficulties with management, no auditor‑proposed adjustments, no uncorrected misstatements and no disagreements with management. He praised Christina Sackett and the finance team for timely and complete responses. The auditors reported no current‑year recommendations or audit findings and noted no federal or state single audit was required for the year because thresholds were not met.
Marlowe also highlighted statistical sections in the annual comprehensive financial report (ACFR), noting steady water sales, higher total revenues due to investment returns and insurance recoveries, and increasing capital assets tied to CIP work; Malden and Jenkins reminded the board that debt will increase next year due to bonds issued in October 2024. The auditors offered free continuing professional education opportunities to finance staff and noted upcoming GASB statements that may affect future reporting.
Board members congratulated the finance team and said an unmodified opinion reduced the need for detailed review time by board members.
