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City auditors give Lompoc an unmodified opinion; report flags $39,000 overcharge to successor-agency fund
Summary
External auditors issued an unmodified opinion on the City of Lompoc’s FY2023–24 annual comprehensive financial report, but reported one significant deficiency and recommended a corrective action plan. City staff said general fund reserves are below policy and recommended a multi‑year plan to rebuild reserves.
An independent audit firm issued an unmodified (clean) opinion on the City of Lompoc’s fiscal year 2023–24 financial statements, but included a single significant deficiency related to administrative charges to a successor-agency trust fund.
Ryan Domino, principal and partner at LSL CPAs, told the City Council that the audit was performed under generally accepted auditing standards and government auditing standards and that the firm rendered the highest level of opinion for the ACFR. Domino said auditors found one significant control deficiency: administrative costs charged to the successor agency private-purpose trust fund exceeded California Department of Finance allowable amounts by…
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