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Independent auditors issue clean opinion on Buckeye's FY2023-24 financial statements
Summary
Heinfeld Meach issued an unmodified (clean) opinion on the City of Buckeye's comprehensive annual financial report for the fiscal year ended June 30, 2024. Auditors reported no material weaknesses and said prior audit findings were resolved; the city remains low risk for federal single-audit purposes.
Heinfeld Meach presented the City of Buckeye's independent auditor's report for the fiscal year ended June 30, 2024, to the council on Feb. 18, 2025. The auditors issued an unmodified opinion — commonly described as a clean opinion — and reported no significant deficiencies or internal control weaknesses.
Jill Shaw, the engagement partner with Heinfeld Meach, told the council the audit followed generally accepted auditing standards, government audit standards and uniform guidance for the federal single audit. Shaw said the single-audit portion examined federal programs and that Buckeye is now classified as low risk for federal audit purposes because of clean and timely audits over the last two years.
“We are happy to report there were no such internal control weaknesses that we noted,” Shaw said, summarizing the single-audit findings. She also noted the auditors found no material errors in the financial statements; a small number of immaterial, past audit adjustments were discussed with management and may be recorded in future government-wide statements.
City finance staff highlighted several presentation figures: a citywide net position just under $1 billion, continued growth from 2019 to 2024, and a governmental fund balance that rose from about $81 million in 2019 to approximately $214 million. Shaw confirmed the audit reports were issued in January and that the city complied with state and federal filing deadlines, including the March 31 deadline for the audit.
Shaw answered council questions about the audit timeline, materiality thresholds, pension and postretirement benefit estimates (ASRS and PSPRS were cited), and the auditor's independence confirmation. No disagreements with management over accounting principles were reported, and the city met the Certificate of Achievement for Excellence in Financial Reporting filing deadline, Shaw said.
Council did not record a formal vote on the presentation; city management had already accepted responsibility for the financial statements by signing the management representation letter that accompanies the audited financial statements.
