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City finance officials report ongoing 2023 audit, Forvis opt-out paperwork with State Board; 2024 audit start delayed
Summary
City staff said the 2023 ACFR audit remains in review with the State Board of Accounts and that opt-out paperwork and contractor (Forvis) approvals are in process. The delay in finalizing 2023 numbers is holding up the start of the 2024 ACFR (Baker Tilly) work; staff described steps taken and expected timelines.
City finance staff told the committee that the 2023 Annual Comprehensive Financial Report (ACFR) audit remains with the State Board of Accounts and that the city's request to use a private auditor (Forvis) for the 2024 ACFR has been submitted for state review.
A staff speaker reported Forvis helped assemble and submit opt-out documentation to the State Board and that the materials were forwarded internally at the board for review. The speaker said State Board staff called the submission a priority and that, while the board typically has a 60-day turnaround, staff expect a response within a few weeks. City staff said Forvis cannot begin the 2024 audit until the State Board approves the opt-out.
Staff described outstanding items holding up the 2023 audit, including the need for accrual-to-cash explanation and the city's OPEB actuarial valuation; those items were submitted to the outside auditors and to the State Board. City staff said KSM (the consulting/accounting firm working on the 2023 ACFR) provided preliminary adjustments but the finance office had not yet received formal audit adjustments at the time of the meeting.
Committee members were told that an opt-out approval would allow Baker Tilly to begin 2024 work; otherwise, the State Board would itself complete the 2023 audit and the schedule for the 2024 audit would remain constrained. Staff emphasized the scheduling knock-on effects: final 2023 figures form the opening balances for 2024 and delay the timely completion of the 2024 audit and submission to external reviewers and the GFOA.
Staff said they will continue to supply requested support materials and that they had asked auditors and the State Board for expedited review. No formal action or vote occurred on audit contractors during the meeting.
