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Independent auditors give Monte Vista an unmodified opinion on 2024 financial statements; single-audit compliance clean
Summary
Wall Smith Bateman reported an unmodified (clean) audit opinion for the city’s 2024 financial statements and an unmodified single-audit opinion for federal awards; auditors and staff highlighted grant-driven capital investments.
Auditors from Wall Smith Bateman presented the city’s 2024 audit results to the Monte Vista City Council and reported an unmodified (clean) opinion on the financial statements for the year ended February 2024.
Lead presenters Kim Temple and Beverly Martinez told the council that the city’s financial statements fairly presented its financial condition, and they highlighted that the audit included single-audit compliance procedures because the city expended nearly $2 million in federal awards for the year. The auditors tested the Airport Improvement Program as the major federal program and reported no material weaknesses or significant deficiencies in internal control or compliance for that program.
Key figures the auditors cited from the presentation include total assets of about $37 million and a net position of roughly $32.3 million at year-end; total governmental expenses were reported as about $7.87 million with charges for services at approximately $3.4 million and capital grants/contributions of about $2.4 million. The auditors told council the city had a positive change in net position of roughly $4.3 million largely attributable to grants reinvested in capital infrastructure.
The management and audit teams found strong documentation from the finance director and staff; the auditors singled out the quality of financial information and the city’s readiness for a single audit after receiving federal grant funds. The audit included routine budget-to-actual schedules and one small over-budget item (about $6,000 in the Kids Connection fund) that auditors recommended the city verify in a year-end amendment.
Council and staff members acknowledged the work of Finance Director Judy and the finance team in preparing for the audit. No audit findings of material weaknesses were reported and the auditors indicated they would provide required communications and a standard letter to the governing body.
No formal council action was required beyond receipt of the audit and the auditors’ briefings.
