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City administrator presents Waverly’s annual comprehensive financial report; auditors note recurring accounting finding
Summary
City Administrator James Brunner and finance staff summarized the 2024 annual comprehensive financial report. Auditors issued a clean opinion on financial statements but noted a recurring material‑weakness finding tied to year‑end accounting adjustments; staff explained new GASB requirements affecting presentation of some funds and leases.
City Administrator James Brunner and finance staff presented the City of Waverly’s annual comprehensive financial report during the Feb. 17 council meeting.
Brunner summarized the audit’s management discussion and analysis (MD&A), noting the city received a clean opinion on its financial statements. He said the general fund closed stronger than budgeted — roughly $600,000 better than anticipated — and that…
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