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Woodstockauditor issues unmodified opinion on 2024 financial statements; single-audit clean
Summary
External auditor told the Woodstock City Council the city's 2023-24 financial statements received an unmodified opinion and the single-audit of federal awards produced no findings; council thanked finance staff for strong reserves.
The cityauditor reported that Woodstock Cityreceived an unmodified (clean) opinion on its financial statements for the fiscal year ended June 30, 2024, and that the single-audit over federal awards returned no findings.
The auditor's report matters because an unmodified opinion indicates the city's financial statements are presented fairly in accordance with generally accepted accounting principles and the single-audit result means federal grant use met audit standards.
"The results of the audit for the year ended 06/30/2024 was an unmodified opinion," said Gregory Chapman, a partner at Nichols Cauley, as he presented the annual comprehensive financial report to the mayor and council. Chapman told the council the city timely filed the report with the state of Georgia and said the city also received a review certificate from the Government Finance Officers Association for its annual comprehensive financial report.
Chapman summarized key figures from fiscal 2024: government-wide revenues were led by taxes (about 51% of revenues) and capital grants accounted for roughly 26% of revenue. Governmental expenditures were concentrated in public safety (about 57% of expenditures). The general fund showed roughly $27 million in revenues and nearly $27 million in expenditures, with a year-end change in fund balance of about $1.2 million. The city's unassigned fund balance was reported at about $14.6 million of a $16.2 million total fund balance, a level Chapman said is well above Government Finance Officers Association guidance.
Chapman also reviewed enterprise funds: the water/sewer fund posted an increase in net position, and the stormwater fund reported an increase in net position of about $617,000 for the year. On the single-audit requirement, Chapman said the city met the threshold for single-audit coverage and the review produced no findings.
Mayor and council members praised the finance team. "It is so relieving to be in a city that is fiscally well managed," the mayor said, thanking staff and auditors.
Council members asked no follow-up questions during the presentation; Chapman concluded by offering to answer questions.
For readers: an unmodified opinion is the standard clean audit result auditors seek; a clean single-audit indicates no reportable deficiencies were found in the cityuse of federal grant dollars during the audited period.
