Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
Pinellas Park council accepts 2023–24 audit showing $19 million net‑position gain
Summary
On May 8 the Pinellas Park City Council accepted the city's 2023'24 audited financial statements and Single Audit, which auditors said received an unmodified opinion; the audit disclosed a $19 million increase in net position and a $2 million prior‑period revenue restatement tied to water/sewer meter readings.
Pinellas Park City Council on May 8 unanimously accepted the city's audited financial statements for the fiscal year ended Sept. 30, 2024, and the accompanying Single Audit covering federal grant spending.
Lauren Strope, the engagement partner for the audit firm, told the council the firm "rendered an unmodified opinion" on the financial statements and reported the city's total net position increased about $19 million, or roughly 6.7%, from the prior year. She said the city's governmental funds ended the year with a combined fund balance of just over $116 million.
The audit included a material weakness related to revenue recognition in the water and sewer fund. Strope said an incorrectly reading meter produced revenue that had to be adjusted: "the financial statements were restated by about $2,000,000." The audit also noted a significant deficiency tied to an insurance claims payable entry, which staff corrected during the audit.
Strope said the city had a Single Audit because it spent more than $750,000 in federal funds; the firm found no reportable compliance findings for tested federal programs. She characterized the overall financial statements as "neutral, consistent, and clear for the reader."
Finance Administrator Kelly Schrader highlighted the city's continued fiscal strength in oral remarks to the council, including the increase in fund balance and recognition for the finance team's work.
Council member Patrick moved to approve the 2023'24 financial statements and auditor's report as presented by the audit firm; the motion was seconded and carried unanimously.
The audit report and Single Audit will be filed per usual practice and are available through the city clerk's office and the city's financial report packet.
