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Independent audit finds Columbus FY24 financial statements fairly presented; no audit findings reported
Summary
External auditors issued a clean (unmodified) opinion on the City of Columbus FY24 financial statements and the single audit, and the city received the GFOA Certificate of Achievement for financial reporting for the 34th consecutive year.
The City of Columbus received a clean, unmodified opinion on its FY24 financial statements and on its single audit, the independent auditors reported to City Council on Feb. 11.
David Irwin, partner at audit firm Malden Jenkins, told council the auditors issued the highest level of assurance and found no significant deficiencies or material weaknesses in internal controls. "We are issuing a clean or unmodified opinion on this year's report," Irwin said, and added the single audit of federal expenditures likewise received an unmodified opinion.
The numbers in brief: Irwin summarized government-wide totals shown in the annual comprehensive financial report: approximately $1.4 billion in assets, $776 million in liabilities, $478 million in revenues and $407 million in expenses for FY24, yielding an ending net position of about $618 million. He said the government's general fund ended the year with a fund balance of roughly $133.1 million, including about $70 million unassigned and available for operations (equal to about 3.5 months of operating expenditures).
Why it matters: A clean audit and no internal control findings are indicators that the city's financial reporting and internal controls met professional standards for the fiscal year and that federal funds were properly accounted for in the single audit. The council and city manager publicly thanked finance staff for the results.
Council response and next steps: City Manager Isaiah Hughley and several councilors commended Finance Director Angelica Alexander and her team. Councilors discussed follow-up items the audit advisory committee recommended, including performing an enterprise-wide risk assessment and continued monitoring of enterprise funds such as waste management and civic center operations.
Ending: The audit will be published in the city's annual comprehensive financial report and submitted for the Government Finance Officers Association award process; staff said the document remains available for public review.
