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Independent auditors report Beloit's 2024 financial statements fairly presented; sewer utility flagged for closer review
Summary
Baker Tilly LLP presented the city's 2024 audited financial statements, finding they were fairly presented in all material respects. Auditors highlighted a near-balanced general fund, stable fund balances, low general obligation debt usage and tightening margins in the sewer utility that warrant monitoring of rates.
An independent audit firm told the Beloit City Council on Tuesday that the city's 2024 financial statements are fairly presented in all material respects under generally accepted accounting principles.
Justin Hoagland, a principal at Baker Tilly LLP, presented the financial audit and a separate management letter highlighting trends, internal-control observations and industry topics for council consideration. The audit report was issued to the city on June 12, according to Hoagland.
Hoagland highlighted several municipal financial measures the audit examined. On the general fund, he said…
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