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External auditor gives Springfield an unmodified opinion for fiscal 2024; fund balance rose
Summary
Engagement partner James Bence told the Board of Mayor and Aldermen that the city's financial statements for the year ending June 30, 2024, received an unmodified (clean) audit opinion; auditors highlighted a healthy unassigned general fund balance, positive utility cash flows and upcoming GASB accounting changes.
James Bence, engagement partner with Malden and Jenkins CPAs, told the Board of Mayor and Aldermen that the city's financial statements for the year ended June 30, 2024, received an unmodified audit opinion.
Bence said the unmodified opinion indicates the financial statements "are materially correct as presented," and described a number of fiscal highlights, including a strong unassigned general-fund balance and positive cash flows in the city's utility funds.
The auditor summarized trend data showing the city's unassigned general-fund balance represents roughly 85% of annual expenditures and noted…
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