Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance Audit topic
No spam. Unsubscribe anytime.
Sandpoint auditors issue clean opinion on 2023–24 financial statements
Summary
Independent auditors Magnuson, McHugh & Daughtry issued an unmodified opinion on the City of Sandpoint's fiscal-year 2023-24 financial statements and reported no material findings or internal-control deficiencies.
An independent audit firm told the Sandpoint City Council on March 19 that the city's fiscal-year 2023-24 financial statements fairly present the city's financial position and carry an unmodified opinion.
Laura Parasite, a partner with Magnuson, McHugh & Daughtry, told council members the audit was performed in accordance with governmental accounting standards and that the firm issued an unmodified opinion, the highest level of assurance an auditor can provide. "We issued an unmodified opinion, which essentially means that . . . the financial statements of the city are materially stated and fairly present the financial position of the city," Parasite said.
The audit shows government-wide statements (accrual basis) and fund-level statements (modified accruals) and highlights capital assets, long-term debt and pension liabilities linked to PERSI. Parasite noted the city did not meet the threshold for a single-audit this year because federal expenditures fell below the $750,000 threshold used to trigger a single-audit.
Finance Director Sarah Linz said the city's audited statements and supporting documents are available on the city's website under Departments > Financial Transparency.
Councilor Rick Howarth asked what would rise to the level of a finding; Parasite answered that material misstatements requiring large adjustments or significant internal-control weaknesses (for example, lack of segregation of duties) would generate a finding. She said the audit recorded very limited journal entries and no reportable deficiencies. "We did not note any weaknesses or deficiencies that we felt needed to be reported here," Parasite said.
The audit package includes management's discussion and analysis, detailed footnotes (including new notes related to a city endowment) and schedules reconciling government-wide and fund financials. Parasite pointed council members to notes on capital-asset activity and bonds payable as useful detail for understanding the headline numbers.
Council members thanked city staff for preparation. No formal action was taken; the presentation was an informational briefing.
