City auditor reports clean FY24 opinion; single‑audit triggered by SLFRF spending has no findings

An independent auditor reported to the Rathdrum City Council that the city’s fiscal‑year‑2024 financial statements received a clean opinion and that the single audit required because of federal grant spending produced no findings.

Tony Mattson of accounting firm Hayden Ross presented the audit results to council, telling members the city’s FY24 financials “are fairly stated as presented” and that auditors removed a prior‑year finding related to financial close procedures after staff implemented corrective actions. Mattson said the city had to undergo a single audit because fiscal‑year‑2024 spending of federal awards exceeded the federal single‑audit threshold (the city spent a portion of American Rescue Plan/SLFRF allocations during FY24). He said the single audit testing showed no compliance findings.

Mattson reviewed high‑level fund results: the general fund ended FY24 with a fund balance the presentation listed as $11,742,000, an increase of about $2.865 million for the year; general‑fund revenues were roughly $9.2 million and expenditures about $6.337 million. He said interest and investment earnings were up in FY24, and capital outlay spending decreased from the prior year. Mattson also summarized impact fee balances, capital projects (including the new city hall fund) and the accounting treatment and reserves in the proprietary water and sewer funds, noting working capital and available‑for‑operations balances and that the water and sewer funds’ cash positions “look pretty good” in their view.

Mattson closed by thanking city staff for helping bring the audit back on schedule and for resolving the prior‑year closing issue; council did not take formal action on the audit presentation itself but had the report accepted into the record.