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Finance director: Richmond posts unmodified audit opinion, general fund revenues exceed budget; council seeks more detail on amendments and nondepartmental
Summary
The city’s audited financial report received an unmodified opinion; finance director reported higher-than-expected general fund revenue growth and an improved net position, while council members requested detailed lists of midyear budget amendments and nondepartmental expenditures.
Sheila White, the City of Richmond’s Director of Finance, and Sean Walker, principal at CLA (the city’s external auditor), presented highlights from the city’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2024.
White said the auditors issued an unmodified opinion — the highest level of assurance — on the financial statements and that total net position for the primary government increased by about $206.6 million to $1.783 billion. White said the general fund ended the year with a fund balance of $268.6 million and that actual general fund revenues exceeded the original budget by $62.6 million and exceeded the amended budget by about $42.8 million; the presentation attributed revenue gains in part to stronger collections of property and other local taxes.
Walker told the committee the audit cleared two prior-year findings and had only one…
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