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Auditors deliver unmodified opinion on 2024 city finances; note contract compliance finding and arena accounting impact
Summary
Hoffman, Phillip & Martel presented the 2024 audit to the council, issuing an unmodified opinion, noting strong fund reserves but flagging a new contract-compliance finding and explaining that arena depreciation and bond payments affect operating results.
The city’s independent auditors, Hoffman, Phillip & Martel, presented the City of Thief River Falls’ 2024 audit and reported an unmodified (clean) opinion on the financial statements.
Auditor Crystal Phillip (Hoffman, Phillip & Martel) told the council the report shows the city’s net position increased by about $3.4 million from the prior year and highlighted that the general fund reserve was about 53% of expenditures — ahead of the commonly-cited 30–50% guideline. She recommended that council members…
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