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Audit firm issues unmodified opinion on Seal Beach 2023–24 financial statements; council hears fiscal overview
Summary
Auditor presented the fiscal year 2023–24 Annual Comprehensive Financial Report, said it received an unmodified (clean) opinion, and summarized the city’s net position, fund balances, pension and OPEB numbers; councilmembers discussed pension reporting lags and utility fund deficits.
Seal Beach officials and an independent audit team reviewed the city’s annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2024, during the Feb. 24 City Council meeting. The auditor reported an unmodified — or clean — opinion on the city’s financial statements.
Finance Director Arnaldo told the council the ACFR presents the city’s financial statements and disclosures and that staff submitted the report to the Government Finance Officers Association for a certificate of achievement in reporting. He introduced Francis Kuo (auditor), the managing partner from the audit firm that conducted the engagement.
Auditor’s summary
Francis Kuo said the audit was performed under generally accepted auditing standards and that the firm evaluated internal controls, accounting…
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