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Danville receives unmodified FY24 audit; auditors, city aim to finish FY25 audit by year-end
Summary
Auditors issued an unmodified opinion on the city’s FY24 financial statements, reported no internal-control findings for FY24, and the commission approved the FY25 audit engagement letter with a $64,300 fee.
The Danville City Commission heard a fiscal year 2024 audit presentation on Oct. 13. Leanne Waters of audit firm Cherry B eckert told commissioners the firm issued an unmodified opinion on the FY24 financial statements and reported no internal-control findings for the period ending June 30, 2024.
Waters told the commission the city had resolved a prior material weakness in internal control and that, because the city spent more than $750,000 in federal funds, the auditors also performed a single-audit review of ARPA/state-and-local fiscal recovery funds; the auditors reported no findings of noncompliance for those federal funds.
Waters and senior audit manager Ben Dennison noted one adjusting entry recorded during testing of unrecorded accounts payable — a utility disbursement of roughly $200,000 — and an uncorrected adjustment related to accrued interest on a 2023 bond anticipation note. Waters said the uncorrected item was not material to decision making and would be considered for recording in FY25.
Audit highlights reported by staff included: an approximate $4.9 million decrease in revenues for FY24, expenditures up about $900,000 and transfers of roughly $7.4 million (including about $1 million to a Streetscapes capital fund and about $5.8 million to a Parks & Rec fund for capital and operating expenses). The city’s utility funds showed a small decrease in net position (about $39,000) while reporting approximately $13 million in restricted cash for debt-related requirements and positive operating cash flows of about $2 million.
The commission later approved an engagement letter to retain the audit firm for FY25; Miss Compton summarized the proposed FY25 audit fee at $64,300. Audit staff said they planned to begin FY25 audit work promptly with a goal of issuing the FY25 audit by Dec. 31, 2025.
No findings of fraud or illegal acts were reported by the auditors in the FY24 work, and the audit team praised cooperation from city staff during the engagement.
