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Rosenberg accepts unmodified audit opinion and annual comprehensive financial report for FY 2024
Summary
Auditors from Crowe LLP issued an unmodified opinion on the City of Rosenberg's financial statements for the fiscal year ended Sept. 30, 2024; the council accepted the annual comprehensive financial report and heard highlights about fund balance, debt and grants.
The Rosenberg City Council voted March 18 to accept the Annual Comprehensive Financial Report (ACFR) for the fiscal year ended Sept. 30, 2024, after a presentation by the city's auditors. Crowe LLP issued an unmodified (clean) opinion on the city's financial statements.
Ben Cohen, director with Crowe LLP, summarized the audit findings and told the council the firm provided "the highest level of assurance" for the financial statements. Cohen noted there were no changes between the draft and final report and that the single audit produced no findings.
Key financial figures presented to the council included a general fund balance in the neighborhood of $20,000,000 and total general fund expenditures of roughly $35,000,000, which Cohen said equates to about 65% of expenditures (approximately six to seven months of reserves). The city's net position has increased since 2015; the auditors' notes show outstanding debt related to capital projects and a total debt level discussed in the presentation of about $85,000,000 for fiscal year 2024. Council members emphasized that the current council had not approved any new debt since taking office.
The presentation also noted capital projects funded through a mix of grants, contributions and some debt issuance; pages cited by auditors included management discussion and analysis, the fund-level statements, notes to the financial statements and the debt schedule. Because the city spent more than $750,000 in federal funds, a single audit was required; the auditor reported no single-audit findings.
Councilor Hector moved to accept the report; Councilor Jessica seconded the motion. The vote was unanimous among those present.
Council members asked about the audit rotation; staff confirmed the current audit engagement was the final year of a contract cycle and the city will go out for proposals for the next engagement.
Votes at a glance: Acceptance of ACFR for FY 2024 — approved, unanimous (yeses: unanimous of council members present).
