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Yankton accepts clean 2024 financial audit; single-audit testing finds no federal compliance issues
Summary
Auditors presented an unmodified opinion on the City of Yankton’s 2024 annual comprehensive financial report; the city underwent single-audit testing on federal awards exceeding the $750,000 threshold and auditors reported no findings.
The City Commission on Monday accepted the City of Yankton’s 2024 annual comprehensive financial report after Williams & Company, P.C. issued an unmodified (clean) opinion.
Lead auditor Graham Forbes told the commission the financial statements were “fairly presented in all material respects” and highlighted the management’s discussion and analysis and the schedule of federal expenditures, which exceeded $6 million in 2024. Because federal expenditures passed the single-audit threshold, the city underwent single-audit testing; Forbes reported that the testing produced “no items to report, no noncompliance or internal control findings related to those federal expenditures.”
The audit report also noted the implementation of a new GASB accounting standard requiring recognition of estimated liabilities for compensated absences; that change produced a change-in-accounting-principle disclosure but not an audit qualification.
The commission voted to accept the report as presented; roll call was unanimous.
Why it matters: A clean audit and a clean single-audit opinion allow the city to show fiscal stewardship to residents and federal grantors. The single-audit result is important for the city’s ongoing eligibility for federal grants.
What’s next: Staff will continue to manage fund-level activity and present budget-to-actual schedules and the capital and debt note details included in the report to the commission and public.
