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Westminster receives unmodified audit opinion for fiscal 2024; single audit required after USDA loan conversion
Summary
An auditor told the Westminster City Council on Jan. 14 that the city’s 2024 financial statements received an unmodified opinion, with no internal control findings this year and no single-audit findings after a USDA financing conversion triggered a federal single-audit requirement.
Will Walls, audit manager at Love Bailey and Associates, told the Westminster City Council on Jan. 14 that the firm issued an unmodified opinion on the city’s fiscal year 2024 financial statements.
Walls said the audit “was not a forensic audit” and that the firm “had no discoveries of fraud for the 2024 audit.” He explained the city received the highest standard of opinion an auditor can provide: “you received an unmodified opinion, which which means that the financial statements are materially correct, and all generally accepted accounting principles.”
City financial highlights presented by Walls showed total general-fund revenues rose about $256,000 from 2023, driven largely by higher intergovernmental receipts (Oconee County fire allocation measured at about $550,000 in 2024 versus $285,000 in 2023). Miscellaneous receipts declined about $394,000…
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