Council accepts auditor’s unmodified opinion on FY2023–24 financial statements; one budget line overspend noted

The Troutdale City Council accepted the independent auditors’ report and approved the city’s financial statements for the fiscal year ended June 30, 2024, at its Jan. 14, 2025 meeting. The auditors issued an unmodified (clean) opinion, and no internal-control deficiencies were reported.

Eric Mueller, finance director, summarized the annual comprehensive financial report and the auditors’ findings. The audit produced an unmodified opinion stating the financial statements present fairly, in all material respects, the city’s financial position in accordance with generally accepted accounting principles. The auditors did not issue a management letter identifying internal-control weaknesses.

Auditors did identify one compliance exception: an excess of expenditures over appropriations of $48,706 in the street fund’s materials and services category. Mueller explained the overrun stemmed from a late vendor invoice (about $103,000) that arrived after year-end close and was recorded in the subsequent accounting period; while the street fund overall had a substantial favorable balance, the particular budget subcategory lacked funds because of timing. The auditors treated the over-expenditure as a technical compliance exception rather than a substantive misuse of funds.

Councilor Glenn White moved to approve the financial statements and accept the independent auditors’ report; the motion passed by roll-call vote with all members present voting yes. The finance director said the city expects to continue seeking the Government Finance Officers Association certificate of excellence for the annual report and noted forthcoming accounting standard changes that may affect future reporting.