Larson & Company delivers FY2024 audit; Price City council accepts report

Larson & Company presented Price City’s fiscal year 2024 audit at the Feb. 26 council meeting; the council voted to accept the audit report.

The auditor explained the audit package contains four reports with three different opinions. Larson & Company said it issued an unmodified (clean) opinion on the city’s financial statements. The auditor also reviewed internal-control testing and explained that a separate report documents the audit was performed in accordance with Government Auditing Standards and includes matters related to internal controls. For the Utah State Auditor’s compliance review the auditor said the firm issued a modified opinion on certain compliance areas required by Utah code and state guidance. For the federal single audit Larson & Company reported an unmodified opinion on the major program tested: the U.S. Department of the Treasury Coronavirus State and Local Fiscal Recovery Funds (ARPA) program. The auditor told the council the city does not qualify as a "low-risk auditee" under the Uniform Guidance because it has not had a single audit every year for the prior three-year period, which increases required testing levels but does not itself indicate financial problems.

Council members praised the finance staff during the presentation. One council member urged commending Lisa and Elaine for preparing the financial statements; the auditor noted Price City is one of the few small cities that prepares its own statements. After the presentation Council Member Willis moved to accept the audit report; Council Member Jess Persson seconded the motion. The mayor called for the vote; members said “aye” and the motion carried.

Nut graf: Accepting the audit completes the city’s reporting obligations for FY2024; the auditor’s unmodified opinion on the financial statements and federal single-audit results indicate that the city’s financial reporting and federal-program compliance (for the tested ARPA funds) met audit standards, while the state-compliance report included a modified opinion in areas specified by the state auditor’s guidance.

Ending: The council accepted the FY2024 audit and the city will follow up on any audit recommendations and state/federal compliance reporting as outlined in the auditor’s report.