Kingsburg council accepts FY 2023–24 audit; auditors issue unmodified opinion and note capital asset reporting weakness

The Kingsburg City Council voted to accept the City of Kingsburg’s annual comprehensive financial report for the fiscal year ending June 30, 2024 at its April 16 meeting after a presentation by the independent accounting firm identified in the packet as Price Page and Company.

Anthony Gonzales, identified as an audit manager for the firm, presented the audit results and said the firm issued an unmodified (clean) opinion, indicating that the city’s financial statements are fairly presented in all material respects under generally accepted accounting principles (GAAP). Gonzales said the auditors also issued an unmodified opinion on the city’s federal award programs (the single audit) and reported no compliance exceptions.

Key financial highlights presented to the council included: - General Fund: revenues exceeded expenditures by about $261,000. - Measure E fund: expenditures exceeded revenues by about $668,000, described as a planned use of resources for capital projects. - Ambulance Fund: an operating deficit of about $1,700,000, which the presentation said was covered through interfund transfers and grant reimbursements, including IGT (intergovernmental transfers). - Water Fund: an operating loss of about $1,170,000, attributed in part to a one-time transfer from a TCP settlement and costs related to compliance with the Sustainable Groundwater Management Act (SGMA). - Disposal Fund: a small surplus of about $35,000 after a revised rate structure.

Gonzales said the audit team focused on areas of emphasis including cash and investment portfolios, revenues/receivables, the volume of expenditures, the city’s net pension liability, subscription‑based IT arrangements, and long‑term debt (including new debt related to a solar project). He also reported one material weakness identified in the city’s internal control over financial reporting related to capital asset reporting; the single‑audit report lists the finding on page 9 of the report packet, the auditor said.

After a brief council discussion and no public comment, a councilmember moved to accept the audit and another seconded. The mayor called the question; the motion passed with all members voting in favor.

Provenance: The audit presentation begins with the staff report and auditor slides at about 26 minutes into the transcript (Finance Director Alma Colato’s introduction and Anthony Gonzales’ remarks) and concludes with the council motion and vote near the end of the regular calendar segment.