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Gaithersburg posts clean audit for fiscal 2024; general fund balance up $4.1 million
Summary
The city's FY24 annual comprehensive financial report received an unmodified opinion from external auditors; revenues outperformed budget and expenses were below budget, producing a larger-than-expected general fund balance increase.
City Finance Director Janice Hartman and external audit partner Chris Lehman told the Mayor and Council on Jan. 6 that the city’s FY24 annual comprehensive financial report was completed on time and received an unmodified (clean) opinion.
Janice Hartman said: “The audit of the city's FY 24 annual comprehensive financial report ... was completed and filed with the state of Maryland by the October 31st deadline.” The city also must complete a federally required single audit for FY24 (because federal expenditures exceeded $750,000); auditors said the single audit work is in progress and is due by March…
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