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Independent auditor issues unmodified opinion on Vista—s FY2023-24 financial statements
Summary
Davis Pharr LLP reported a clean audit with no findings for the city of Vista, Buena Sanitation District and the Vista Joint Powers Authority; the auditor also reported no issues in the single-audit review of federal funds.
Vista—s independent auditors presented the city—s fiscal-year 2023-24 results to the City Council, reporting an unmodified (clean) audit opinion and no audit findings.
Shannon Ayala, partner at Davis Pharr LLP, told the council the audit team completed its fieldwork in October and November 2024 and spent roughly 600 hours analyzing the city—s financial data. "As a result of all of the procedures we completed, we have issued an unmodified opinion on the financial statements. That is the highest level of opinion that can be received on the city's financial statements," she said.
The firm also issued unmodified opinions for the Buena Sanitation District and the Vista Joint Powers Authority and reported no exceptions in the single-audit of federal expenditures or in compliance reports tied to Proposition L. Ayala said the auditors performed substantive testing of cash and investments, long-term liabilities, material revenues and expenses, and reviewed capital assets and purchasing compliance. She added there were no disagreements with management and no significant audit estimates or disclosures to call out.
Why it matters: A clean, unmodified opinion indicates the auditor believes the city—s financial statements present fairly, in all material respects, the city—s financial position and results of operations for the period audited. That conclusion is used by creditors, grantors and the public to assess fiscal stewardship and borrowing capacity.
Council response and next steps: Council members applauded the finance team—s work. Ayala said auditors will provide the required governance letter and noted the audit effort also included agreed-upon procedures related to Proposition L and the GANN limit letter. The city will receive the final Annual Comprehensive Financial Report and the related communication to those charged with governance; Ayala said the audit team is available to answer further questions from the council or public.
Bottom line: Vista—s FY2023-24 financial statements received the auditor—s highest level of assurance and no reportable findings, a result the auditor and council framed as evidence of strong fiscal management by the finance department.
