Allentown audit: auditors give ‘unmodified’ opinion; pensions largely funded and debt well below statutory limit

At a Budget & Finance Committee meeting of Allentown City, external auditors presented the city’s Comprehensive Annual Financial Report for the 2024 fiscal year and issued an unmodified opinion, the highest level of assurance on municipal financial statements.

The auditors’ presentation said the city reported a $34,300,000 change in net position on a government-wide, full-accrual basis and a $17,600,000 increase in the general fund balance for 2024. Auditors noted that about 45.2% of the city’s revenue came from taxes and that operating grants (including increased use of American Rescue Plan Act funds and public-safety grants) rose compared with the prior year.

Why it matters: an unmodified opinion indicates the auditors found the financial statements presented fairly in accordance with generally accepted accounting principles (GAAP). The report’s revenue, pension and debt figures shape policy choices on capital planning, borrowing and service levels for Allentown residents.

Auditors and staff

Jennifer Krivier Kibbe, identified in the meeting as the partner leading the audit engagement, told the committee that the firm issued an unmodified opinion and that management agreed to post…