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Oro Valley receives clean audit; auditors flag recordkeeping gap for federally funded park assets
Summary
External auditors gave the Town of Oro Valley an unqualified opinion on its fiscal 2024 financial statements but reported a single significant deficiency: the town had not tagged federally purchased capital assets nor inventoried them on the federal timetable. Management says the correction has begun.
Oro Valley’s external auditors issued an unqualified (clean) opinion for the town’s annual comprehensive financial report for the year ending June 30, 2024, and reported no instances of material noncompliance — but they found a significant deficiency tied to federally purchased capital assets.
Brian Hemmerle, lead audit partner with Baker Tilly, told the Town Council on Jan. 20 that the town’s “net position” rose from $331,800,000 to $345,500,000 and that total cash and investments ended the year at a little over $70,000,000. The town’s general fund balance decreased from $23,800,000 to $22,100,000 but still exceeded the town’s 30% reserve policy by roughly $7,000,000. The town had budgeted a $5,300,000 use of fund…
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