Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
External audit issues clean opinion; committee hears debt and fund-balance trends
Summary
City auditors issued an unmodified (clean) opinion on the city's 2024 financial statements and reported several trends: rising capital assets, a stormwater fund reclassification, decreased pension liability, modest OPEB increases, and continued attention to debt-service ratios and fund balances.
The Government Performance and Financial Management Committee on April 22 heard Weaver auditors and city finance staff present the city's 2024 annual comprehensive financial report and related audit results, including an unmodified opinion on the financial statements.
Weaver audit partner Sarah Dempsey told the committee, "You have an unmodified opinion over your financial statements," and summarized other key audit findings: no material weaknesses in internal control over financial reporting, no significant deficiencies and no audit adjustments. Dempsey said the audit team completed the city's ACFR and other deliverables, while single-audit work for federal and state awards remains due later this year.
The audit team highlighted areas of heightened testing and judgment, including management override of controls, revenue recognition across enterprise and grant funds, capital assets, pension and OPEB liabilities, incurred-but-not-reported claims, landfill closure liability and IT controls.…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
