Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Council receives city’s 2024 audit and ACFR; auditors issue unmodified opinion
Summary
Derby’s finance director and auditors presented the city’s 2024 Annual Comprehensive Financial Report and audits. The auditing firm issued an unmodified opinion on the city’s financial statements; council voted to receive and file the report 8–0.
City finance staff and auditors presented Derby’s 2024 Annual Comprehensive Financial Report (ACFR) and related examinations at the May 27 meeting. Kayla Williams of BT & Co., the city’s audit firm, delivered the audit results and said the firm issued an unmodified opinion on the city’s financial statements, indicating the auditors found the statements free of material misstatement.
Williams summarized required communications including a management letter identifying a repeated significant deficiency related to certain journal entries; city management has responded and is working on remediation. The firm also completed agreed‑upon procedures for Star Bonds and an ARPA examination with no reportable modifications.
Finance director Megan Pater noted this was her third audit and credited the finance team for a “clean audit” this year after prior years’ challenges related to cybersecurity incidents and transitional staffing. Council voted 8–0 to receive and file the ACFR and audit reports.
Auditors encouraged the city to alert them before engaging services that could affect independence and noted a new GASB statement adoption affecting compensated absences. The city will incorporate auditor recommendations as part of normal financial controls and year‑end processes.
