City of Palm Beach Gardens receives clean audit for FY2024; general fund balance reported near $95 million

City of Palm Beach Gardens officials on June 11 presented the fiscal year 2024 Annual Comprehensive Financial Report (ACFR), and the city’s independent auditors issued an unqualified (clean) opinion on the financial statements for the year ended Sept. 30, 2024.

Deputy Finance Administrator Kadeem Ramirez introduced Nicholas Martin, audit senior manager with CBIZ CPAs, who summarized the audit and highlighted the clean auditor’s opinion. “In our opinion, the accompanying financial statements ... present fairly in all material respects,” Martin told the council, calling that result the “only opinion that the city would like to be associated with.”

Key figures and findings The auditors’ presentation noted the city’s government‑wide statements and its governmental fund reports. Martin highlighted the general fund’s reported fund balance at approximately $95,000,000, of which roughly $60,000,000 was classified as unassigned and available for future use. The auditors also presented the notes to the financial statements, which include details on cash and investments, capital assets, debt, pensions and other post‑employment benefits.

Single audit and federal awards Because the city expended more than $750,000 in federal awards during FY2024, the audit included a federal single audit. The schedule of expenditures of federal awards recorded about $5,500,000 in federal grant expenditures for the year. The auditors reported no findings related to the single audit and no material weaknesses or significant deficiencies in internal control that had to be reported to the council.

Context and commentary Council members and staff noted that the city has historically published its audits online and praised the finance team for the clean result. Council member comments emphasized the importance of a diversified tax base — noting that approximately 80% of the city’s tax base remains residential while recent management‑discussion projects were more commercially oriented — and congratulated staff for their work producing a lengthy and detailed report.

What happens next City staff said the ACFR and supporting documents are available online for public review. The report’s notes and management’s discussion and analysis section are intended to provide qualitative and comparative context for the fiscal year performance; staff recommended that council members and the public review those sections for a fuller understanding of revenue, expenditure and capital asset trends.

Ending Officials described the clean opinion and the absence of audit findings as a sign of strong internal controls and financial stewardship; the council and staff acknowledged the finance team’s work in preparing the city for the audit and thanked auditors for their presentation.