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Auditor issues clean opinion on Utica's FY2024 financial statements, flags late bank reconciliations
Summary
Yo and Yo issued an unmodified (clean) audit opinion on the City of Utica's FY2024 financial statements and noted one management letter comment about the timeliness of bank reconciliations; council voted to receive and file the audit.
Alan Panter, a partner at auditing firm Yo and Yo, told the Utica City Council on Jan. 14 that the FY2024 financial statements received an "unmodified or clean opinion," the highest standard auditors can issue. Panter said the audit was completed and issued Dec. 18, 2024, and that the general fund ended the year with roughly $6.5 million in total fund balance, about 91% of annual expenditures.
Panter reviewed trends shown in the audit…
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