Independent auditors give Pompano Beach an unmodified opinion on fiscal year 2023–24 financial statements
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Summary
Auditors from Citrin Cooperman reported an unmodified (clean) opinion on the city’s FY2023–24 annual comprehensive financial report and highlighted key financial balances, fund results and required disclosures.
City finance staff and independent auditors presented the annual comprehensive financial report for the fiscal year ended Sept. 30, 2024, to the Pompano Beach City Commission on April 8.
Finance Director Allison Furtado noted the city’s responsibility under Florida Statute chapter 218.39 to obtain an annual audit and thanked staff for producing 13 consecutive years of audited financial statements. Auditors from Citrin Cooperman, led by partner Sergeant Matulus and manager Michael Barnett, reported an "unmodified opinion" — the highest level of assurance auditors can provide.
Auditors described the most sensitive accounting estimates as the net pension obligation, total OPEB obligation and risk liabilities, all based on actuarial evaluations. Matulus said the firm evaluated methods, assumptions and data used by management and determined those estimates to be reasonable in relation to the financial statements taken as a whole. Auditors reported no corrected or uncorrected misstatements and no management disagreements.
Key figures cited during the presentation included government-wide total assets for governmental activities of approximately $847.8 million and total liabilities for governmental activities of roughly $573.9 million. On the modified-accrual basis, general fund revenues were reported at $213.7 million and expenditures at $200.5 million, with transfers out noted as the driver of a negative net change in the general fund balance. The auditors also highlighted enterprise fund performance and cash-flow results for utilities and other business-type activities.
Commissioners asked no follow-up questions at the presentation; auditors said the city's audited financial statements and Management's Discussion and Analysis (MD&A) will be posted to the city website. Furtado told commissioners hard copies of the report are available upon request.
Ending: The commission acknowledged the auditors' report and congratulated finance staff on another clean audit. The city will post the FY2023–24 audited financial statements on its website.
