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Ogden auditors report clean opinion but flag state compliance items, urge council to resolve long-standing interfund loans
Summary
External auditors gave Ogden City an unmodified opinion on its 2023–24 financial statements while identifying two state-compliance findings and recommending council action on interfund loans that exceed 10-year terms for redevelopment areas (RDAs). City staff said they will bring updated promissory notes and proposed write-offs to council.
An external auditor told the Ogden City Council during a Feb. 18 work session that the city’s 2023–24 financial statements received an unmodified (clean) opinion but included two state-compliance findings and several items needing council direction.
The finding the auditor highlighted was that the city’s general fund unassigned fund balance exceeded the state-prescribed 35% threshold. "We had not unmodified or clean opinion on the financial statements of the city," the auditor said, and later explained that an unexpected mark-to-market gain on longer-term investments pushed the unassigned balance above 35% after the fiscal year ended.
Why it matters: exceeding the state threshold requires disclosure to the state and, the auditor said, better month-to-month monitoring of investment fair-market-value adjustments and more timely year‑end budget amendments so the city can encumber or transfer excess funds before fiscal closing.
The audit also identified budget monitoring gaps in smaller…
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