Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Belgrade audit: unqualified FY2024 opinion, software conversion caused repeat findings
Summary
City staff reported an unqualified FY2024 audit but noted repeat findings tied to a software conversion; an actuarial study and fixed-asset setup remain in progress and a sewer revenue shortfall (~$140,000) was resolved in the rate study.
City finance staff reported that auditors issued an unqualified opinion on Belgrade’s fiscal year 2024 financial statements but identified several findings the city is addressing.
Charity said the unqualified opinion indicates the city “followed the rules” but that multiple findings were noted, many linked to a recent software conversion. She described a large-sounding accounting figure as a timing and software-clearing issue, saying an entry that appeared as about "$50,000,000.25" was related to how the new and previous accounting systems handled cash and accounts payable and had been corrected in the transition.
The presentation listed repeated findings including balancing cash (addressed and nearly current), management discussion and analysis timing issues (the MD&A will be included in future audits), pooled cash setup that initially omitted restricted cash (already corrected), and outstanding work to configure fixed assets in the new system. An actuarial study regarding other post-employment benefits was underway and expected in a few weeks. Charity said a sewer net revenue shortfall of about $140,000 had been taken into account in the rate study and related rate increases.
Council members asked about selecting an auditor for next year; Charity said staff will issue a request for qualifications in the next week or two. Council members praised staff for addressing findings and improving internal controls during the transition to the new software.
There was no formal council action required on the audit presentation.
