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Danville Planning Commission accepts FY2024 audit, reapproves financial statements
Summary
Auditor Chad Robinson told the Danville Planning Commission the FY2024 financial statements received an unmodified opinion; the commission reapproved the 2024 financial statement and accepted the midyear financial report. Auditors noted a pension-related negative net position and a segregation-of-duties comment owing to small staff.
The Danville Planning Commission on a voice vote accepted the fiscal year 2024 audit and reapproved the city's 2024 financial statements, after a presentation by auditor Chad Robinson of Kerbal, Roads and Butler.
Robinson told the commission the audit opinion was unmodified and that the financial statements were "materially correct," the standard the city seeks. He said the city ended the year with a net position of negative $153,949 and explained that the deficit is "directly attributable to the net pension liability." Robinson said that the pension number does not represent a cash bill the city will receive and that the actuarial approach spreads contributions over time. He added the city's change in net position for the year was $33,664 and that OPEB (other postemployment benefits) showed as an asset for the first time on the books.
The audit packet distributed to commissioners also included required supplementary information under Governmental Accounting Standards Board (GASB) rules and schedules for pension and OPEB liabilities. Robinson pointed commissioners to the internal-control section and noted a single repeated comment: the lack of segregation of duties driven by a very small staff. "You have a very small staff and it's almost impossible to completely segregate duties," Robinson said, adding that outsourcing portions of accounting can mitigate the issue.
Commissioners moved, seconded and approved the minutes and then moved to reapprove the FY2024 financial statement and to accept the commission's midyear financial report. The midyear report, presented by staff, showed an opening balance at the top of the page of about $100,040 that will adjust to $108,128 per the audit figures; through six months commission revenue totaled roughly $147,214 (about 67% of budget) and expenditures ran at about 48% of the annual budget.
Why it matters: an unmodified audit opinion affirms the commission's financial reporting this year, while the pension and OPEB disclosures affect how the city's long-term liabilities are presented. The noted segregation-of-duties limitation is common in small jurisdictions and flagged for transparency and internal-control improvement.
Robinson and staff invited questions; none changed the audit opinion or immediate action. Commissioners approved the audit and the financial reports as presented and recorded those approvals in the meeting minutes.
