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Kingsburg council accepts cityaudit for year ending June 30, 2024
Summary
The Kingsburg City Council voted to accept the City of Kingsburgannual comprehensive financial report for fiscal year ending June 30, 2024, after receiving a presentation from an independent auditor and review by the finance director.
The Kingsburg City Council voted to accept the City of Kingsburgannual comprehensive financial report for the fiscal year ending June 30, 2024, after an audit presentation by an independent accounting firm.
Finance Director Alma Colato told the council that "the city received a clean and qualified opinion, meaning the financial statements fairly and accurately reflect the city's financial position." Anthony Gonzales, audit manager with Price Page and Company, presented the audit team's findings and confirmed an unmodified opinion on the city's financial statements and federal award programs.
The audit presentation highlighted several fund results: the general fund reported revenue exceeding expenditures by $261,000; the Measure E fund used $668,000 in planned capital spending; the Ambulance Fund ran a $1.7 million operating deficit covered by interfund transfers and grants, including IGT funding; the Water Fund recorded a $1.17 million operating loss partly due to a one-time transfer and Sustainable Groundwater Management Act compliance costs; and the disposal fund ended with a $35,000 surplus after a revised rate structure. Gonzales also told the council the audit identified a material weakness related to capital asset reporting; specifics appear in the single audit report.
Gonzales described the scope and approach of the audit, noting it was risk-based and followed generally accepted auditing standards and government audit standards. He also reported no instances of fraud or legal acts identified during the audit and said the firm's single-audit procedures over federal awards resulted in an unmodified opinion.
After a brief period for council questions and no public comment, a motion to accept the audit report was made and passed by voice vote. The meeting record shows the motion passed and no council members recorded opposition.
The council's acceptance directs no immediate policy changes; the audit report and related management letters will remain part of the city's public records and provide staff and the council with recommended adjustments and the auditor's finding on capital asset reporting.
The audit presentation and the council's vote took place during the regular council meeting on April 16, 2025.
