Hooper City accepts 2024 audit; auditors issue unmodified opinion

Hooper City Council voted to accept the city's fiscal year 2024 audit after a presentation from the auditors.

The auditors told the council that the city received '1the highest remarks you can receive in an audit, and that's called an unmodified opinion,'2 and that there were no reportable findings on financial statements or on the state compliance items the audit covers.

The auditor said the opinion covered two main areas: whether the financial statements were materially accurate and whether the city complied with state requirements. He described typical audit procedures, including bank confirmations, invoice and capital-asset reviews, and recalculation of revenue balances. He also pointed council members to the Management Discussion and Analysis in the audit packet as the best single-place summary of revenues, expenses, capital additions and net fund balance changes for the year.

The presentation highlighted that general fund expenditures were about $1,000,000 less than budgeted, capital assets additions totaled roughly $3,700,000 in governmental activities (including the 55100 West project), and governmental funds finished the year with a net fund balance near $6.6 million. The auditor also noted that the city paid down $425,000 on a long-term no-interest bond and that required supplementary and note disclosures are included in the full report.

Following the presentation the council moved and seconded acceptance of the audit; the motion carried by voice vote. Council members thanked city finance staff for assembling records and assisting the auditors.

The audit report and the auditor's letters will be posted to the state and city websites per the auditor's remarks; council members were told they may contact city staff with follow-up questions.

The council subsequently approved minutes and other consent items earlier in the meeting.