Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Audit Finance topic
No spam. Unsubscribe anytime.
Auditor reports clean opinion on City of Oshkosh 2024 financial statements; fund balance up about $4.8 million
Summary
An external auditor presenting the 2024 Annual Comprehensive Financial and Performance Examination (ACPER) told the council the city received a clean, unmodified opinion with no internal-control or compliance findings. Staff noted the apparent increase in fund balance reflects moving some expenditures into a special revenue fund.
An outside auditor presented the City of Oshkosh’s 2024 audit materials at the Sept. 9 council meeting and reported a clean, unmodified audit opinion with no internal-control or single-audit compliance findings.
“Mister Patel from Kerberos” presented the 2024 ACPER and summarized key points: the auditor found no control findings related to journal entries, payroll, disbursements and receivables; federal and state single-audit compliance testing produced no findings. Patel said the overall general fund balance increased by approximately $4,800,000 for fiscal year 2024 and that the unassigned general fund balance — resources available to start 2025 — rose to just above 40% of general fund expenditures, which auditors and bond analysts generally consider strong.
The presentation also reviewed total outstanding debt trends and debt service as a percentage of noncapital general fund expenditures (below 40% in recent years). Patel said the water utility’s rate of return was 4.9% in 2024, up from 4.6% in 2023, and that the city’s rate remains below the public service commission’s authorized return but is healthy compared with peers.
Julie, the finance director, cautioned that part of the increase in the unassigned fund balance was the result of moving a set of general fund expenditures into a special revenue fund during the prior budget process — a timing and classification change that makes the percentage look stronger. Councilors thanked the auditing firm and staff for the clean results.
Patel invited questions; council members indicated they would follow up during budget season. No formal action was taken on the audit report at the meeting.
