Wauwatosa Committee hears clean audit, updates on ARPA spending and retiree liabilities

The Wauwatosa City Financial Affairs Committee on Sept. 9 received a presentation of the city's audited 2024 annual comprehensive financial report and related audit communications, including an unmodified audit opinion and no audit adjustments or compliance findings.

Committee members heard that the audit yielded an "unmodified opinion, commonly referred to as a clean opinion," and that auditors did not require any post-audit adjustments to the city's financial statements, a sign the audit found no material misstatements. "We didn't have any audit adjustments," said Jake Linnell, principal on the engagement with CliftonLarsonAllen, the audit firm for the city.

The presentation summarized fund balances and key accounting changes. Auditors and staff said the general fund increased during 2024, roughly driven by payroll savings from vacancies and delayed project spending; the memo in the audit packet notes an increase of about $33,200,000 in the general fund for the year. Staff emphasized that most other city funds are restricted or committed to specific purposes (TID, ARPA, debt service, capital projects), while the unassigned portion of the general fund is the primary source for working capital.

The a…