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Auditors give Pueblo City a clean opinion but flag grant-reporting weaknesses
Summary
External auditors issued an unmodified (clean) opinion on Pueblo City’s 2024 financial statements but reported one material weakness in grant accounting and a failure in required CDBG federal reporting; management has a remediation plan and auditors found ARPA funds were used appropriately.
Auditors told the Pueblo City Council they issued an unmodified (clean) opinion on the city’s 2024 financial statements but identified material weaknesses in the city’s grant accounting and in required reporting for a Community Development Block Grant.
"We did issue an unmodified or clean opinion on the financial statements," said Matt Marino, the engagement partner for the audit, describing that result as the highest level of assurance. Marino said the city also implemented the new Governmental Accounting Standards Board standard GASB 101 for compensated absences, working with an actuary to estimate liabilities.
The auditors said they identified one material weakness in grant accounting after finding two grants for which either a…
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