Kissimmee auditors issue clean opinion on FY2024; downtown and Vine CRA audits show rising tax revenues

The Kissimmee City Commission accepted the fiscal year 2024 annual comprehensive financial report after auditors issued an unmodified, or clean, opinion.

Tavia Ritchie, the city's finance director, introduced the audit findings; Helen Painter, audit partner with Pervis Gray & Company, told commissioners the firm issued an unmodified opinion and found the city's financial statements materially correct in all material respects. Painter said the city met the audit filing deadline and noted one management letter comment involving capital asset records that did not fully carry over from a new ERP system implemented about three years ago. She said there were no internal control weaknesses or significant deficiencies requiring reporting.

The commission also received separate required audit procedures and reports for two community redevelopment agencies (CRAs): the downtown CRA and the Vine Street CRA. Audit representatives said both CRAs received unmodified opinions. The downtown CRA saw a roughly 10% increase in tax revenues and a 57% increase in investment income for the year ended Sept. 30, 2024, and reported net income of approximately $1,000,000, auditors said. The Vine Street CRA recorded larger increases: about 53% in tax revenues and an 87% rise in investment income; auditors said Vine completed a $300,000 lighting capital project during the year and reported net income of over $1,000,000. Auditors also noted a subsequent bond issuance related to city projects and property acquisitions tied to redevelopment plans.

Commissioners moved and seconded motions to accept the citywide audit and each CRA audit in sequence; each motion carried by voice vote. Commissioners and auditors discussed the importance of the budget process as the city's primary control to avoid overspending and noted the financial reports include required state disclosures for CRA activities.