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Fort Smith board accepts clean audit, discusses $22.7 million assignment to cover 2025 shortfall
Summary
The Fort Smith Board of Directors voted 5-0 to accept the city's fiscal 2024 external audit, which gave an unmodified opinion. Directors and staff discussed a $22.7 million assignment of 2024 fund balance to cover a projected 2025 budget shortfall and the city's current fund-balance metrics and debt-service coverage.
The Fort Smith Board of Directors voted 5-0 Tuesday to accept the city's fiscal 2024 external audit and to allow staff to file the final reports.
The audit, prepared by the city's finance staff and audited by Forvis Mazars, returned an unmodified (clean) opinion on the city's financial statements and reported no material weaknesses or significant deficiencies in internal control, Dina Enfield, chair of the Audit Advisory Committee, told the board. "We are receiving an unmodified or clean opinion on the financial statements," Enfield said.
The audit packet included the annual comprehensive financial report prepared by Chief Financial Officer Andy Richards and a Government Finance Officers Association certificate of achievement for the 2023…
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