City auditor: Paramount ended FY 2023–24 with a surplus; GFOA award noted

The city’s annual comprehensive financial report for the fiscal year ending June 30, 2024, was presented to the City Council and the auditor reported a net positive position and no internal control deficiencies requiring formal council action.

The audit partner (city’s external audit firm) and Finance Director Kim Sow summarized the results. The presentation noted the city received a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association for the prior year’s report. The auditor reviewed the government‑wide financial statements, highlighting roughly $133 million in total net position, and reported an increase in the general‑fund balance from approximately $47 million to $51 million at fiscal‑year end.

The audit partner said the audit follows AICPA standards, that auditors obtain reasonable (but not absolute) assurance and that they consider significant accounting policies and estimates including pension and other post‑employment benefit liabilities. The auditors said there were no reportable internal‑control weaknesses identified and no uncorrected misstatements required to be presented to the council.

Auditors also reviewed pension and OPEB figures (net pension liability and net OPEB liability) and noted contributions and funding ratios; management and staff will continue to monitor those long‑term liabilities. The audit was presented for receipt and filing; council accepted the report and no corrective action was directed at the meeting.