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Coeur d'Alene audit finds 'clean' opinion; council questions large change in custodial credit risk
Summary
City staff presented the fiscal year 2024 audit showing a clean (unmodified) opinion, $19 million general fund balance and several one-time revenues; councilmembers asked for clarification about a jump in custodial credit risk and incomplete lease disclosures.
The Coeur d'Alene City Council heard a presentation June 17 on the city's fiscal year 2024 financial statements and independent audit, which concluded with an unmodified — commonly called "clean" — opinion from auditors.
The audit presentation, delivered by Katie, finance staff, showed the city ended FY24 with a $19,000,000 general fund balance and an unassigned fund balance of $12,000,000, equal to about 22% of general revenues. Katie said the auditors also issued a report on internal controls and that the city was determined to be a low-risk auditee.
Why it matters: the audit summarizes the city's financial position and internal control review, information city officials use when setting next year’s budget and evaluating bond-market readiness.
Council members asked several detailed questions. Councilmember (and…
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