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Auditors give Coffeyville a clean regulatory-basis opinion for FY2024; explain cash-basis differences from GAAP
Summary
Independent auditors told the Coffeyville City Commission that the fiscal 2024 financial statements received an unmodified opinion on the regulatory (Kansas cash-basis) basis of accounting; auditors also explained the differences between GAAP and the state's cash basis.
Auditors from Jared Gilmore & Phillips presented the city’s fiscal year 2024 audit during the Aug. 12 commission meeting, telling commissioners the report includes a clean (unmodified) opinion on the regulatory (Kansas cash-basis) financial statements but notes those statements differ from U.S. generally accepted accounting principles (GAAP).
Neil Phillips reviewed the independent auditor’s report and highlighted that Kansas municipalities typically report under…
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