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Council acknowledges FY2024 audited financial report; auditors issue clean opinion
Summary
Perry City Council acknowledged receipt of the fiscal year 2024 audited financial statements and the external auditor issued an unmodified (clean) opinion; staff and auditors summarized key changes in revenues, capital purchases and transfers to capital projects.
The Perry City Council on Jan. 23 accepted the city’s audited financial statements for the fiscal year ending June 30, 2024, after a presentation from city finance staff and the contracted auditor. The council’s acknowledgment was unanimous.
David Rogers and auditor Chuck Palmer briefed the council on highlights from the audit. Rogers said the city’s unrestricted net position (available operating funds) was reported at $6,600,000 and that total change in net position for the year increased by about $4.7 million, primarily driven by capital additions and restricted activity. Key revenue changes included a rise in taxes to about $3.7 million (roughly $45,000 additional property tax and about $176,000 in sales tax, the latter related to a new transit tax change), higher interest income and a one‑time increase in capital grants to roughly $2.5 million tied to corridor preservation land purchases.
Palmer, the external auditor, told the council the audit resulted in an unmodified (clean) opinion and that the auditor’s compliance and internal control reviews did not identify reportable findings. He pointed the council to note disclosures showing transfers out of the general fund — specifically a $946,000 transfer to other funds, largely into capital projects — which explained part of the reduction in some unrestricted amounts. Rogers also noted a $21,000 correction related to land that had been erroneously removed from the prior year’s books and was restored on this year’s statements.
Council members asked several questions about unrestricted fund balances, the state’s guidance on unassigned general fund balances, and whether the changes represented cause for policy action. Staff pointed the council to a $2.2 million general fund unassigned balance (about 30% of general fund revenues), which is within the state’s 5%–35% guideline. Staff said the city’s overall financial position “looks great” and recommended the council acknowledge receipt of the audited report.
On a unanimous roll call vote the council approved the motion to acknowledge receipt of the FY2024 audited financial report; votes recorded as Yes from council members Walker, Osler, Wright and Tueller.
