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Midvale council acknowledges FY24 audit; auditors give clean opinion with one minor finding
Summary
Council accepted the fiscal year 2024 annual audit after auditors issued an unmodified opinion and a single compliance finding about the timeliness of posting approved minutes to the state website.
The Midvale City Council on Feb. 4 voted unanimously to acknowledge receipt and completion of the fiscal year 2024 annual audit and directed publication of the required notice under Utah law.
City finance staff summarized the annual comprehensive financial report and auditors from Kennington presented their findings. Marcus, an auditor for the firm, told the council auditors issued an unmodified (clean) opinion on the city’s basic financial statements and noted no internal‑control recommendations. The auditors’ state compliance review identified one minor finding: an approved meeting minute was posted to the Utah public notice website later than the three‑business‑day requirement.
Mariah Hill, city finance staff, reviewed highlights from the audited financial statements. She said Midvale’s general fund balance increased by $32,790 and that a roughly $2 million transfer to capital projects was recorded to maintain fund‑balance policy. She reported the Redevelopment Agency (RDA) fund balance rose by just over $2 million and that the city expects to budget several million dollars of RDA fund balance in FY25 for planned projects. The water enterprise fund’s working capital rose to about 160 days of operations, up from a lower level but below the 180‑day policy target; Hill said planned capital spending and earlier 2023 bond activity affect those balances. The stormwater fund showed a decrease in working capital and remains under review as staff assess a fee schedule update.
Auditors also reported that city accounting policies and internal controls were sound and that they found no instances of fraud. Councilmembers thanked finance staff and auditors for their work. The council approved Resolution 2025‑R‑07 acknowledging the audit and directing that notice be published pursuant to Utah Code Section 10‑6‑152; the motion passed by unanimous roll call.
Council members asked staff to continue monitoring enterprise fund days‑of‑operation metrics and to bring fee‑setting work (stormwater) back for council consideration as planned.
