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City auditors give Lansing an unmodified opinion but flag pension, OPEB and control weaknesses
Summary
External auditors presented the City of Lansing's fiscal year 2024 audited financial statements, reporting an unmodified (clean) opinion while identifying large pension and OPEB liabilities and three audit findings related to journal entries, payroll controls and budget variances.
Bill Tucker, an auditor with Maynard, Costerison & Company, told the Lansing Committee of the Whole on Jan. 27 that the firm issued an unmodified, or clean, opinion on the city's June 30, 2024 financial statements.
The auditors said they issued clean opinions on nine opinion units, including government-wide statements and the city's five major funds. "An unmodified clean opinion is the best opinion you can receive," Tucker said, adding that the opinion means the statements are presented in accordance with generally accepted accounting principles.
The audit presentation highlighted two large long-term liabilities: a combined net pension liability of roughly $378 million and net other post-employment benefits (OPEB) obligations around $209 million. Tucker told the council the city's defined benefit pension plan showed about $146 million in net pension liability and roughly 53% funding; the police and fire retirement plan had nearly $232 million in net pension liability and about…
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