Auditors issue unmodified opinion on Long Beach 2023–24 financial statements; net position still in deficit

The Bonadio Group, the City of Long Beach’s external auditors, told the City Council their audit of the fiscal year ended June 30, 2024 will carry an unmodified opinion, the highest level of assurance for financial statements.

Alan Walther, a partner with Bonadio, said the audit found no disagreements with management, no significant difficulties during the audit and no material weaknesses in internal control under government auditing standards. The auditors also reported no findings under the uniform guidance for federal awards and no compliance issues for the New York State Department of Transportation programs audited.

Walther provided several financial highlights: the government-wide net position was a deficit of about $244.7 million at year-end, but net position increased during the year by approximately $9.3 million. Current assets were roughly $103 million, noncurrent capital assets about $136.7 million, and deferred outflows for pensions and other postemployment benefits were about $63.3 million. Current liabilities were approximately $80.9 million and long-term liabilities about $420 million.

At the fund level, total governmental fund balances increased by about $7.2 million; the general fund’s unassigned balance was a bit over $14 million. General fund revenues were about $1.2 million under budget, primarily due to New York State aid shortfalls; expenditures were under budget by approximately $3 million. Capital project expenditures totaled about $22.6 million.

Walther said the major federal program audited was a hazard mitigation grant (seawall renovations), and that the auditors had no internal-control or compliance findings for that program.

Council members praised Ina Resnick, the city controller, and her staff for improvements in reporting. Council discussion was limited and largely complimentary.