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Grain Valley auditors issue clean opinion, report stronger reserves
Summary
Trout Beeman and Company told the Grain Valley Board of Aldermen it issued an unmodified opinion on the city’s 2023 financial statements, highlighted roughly $25 million in unrestricted cash and stronger revenues, and recommended officials and residents review the MD&A in the audit report.
Trout Beeman and Company presented the City of Grain Valley’s audit for the year ended Dec. 31, 2023, telling the Board of Aldermen the firm issued an unmodified, or "clean," opinion on the city’s financial statements. "In our opinion, the accompanying financial statements present fairly, in all material respects," said Butch Beeman, managing partner at Trout Beeman and Company.
Beeman highlighted several key figures: unrestricted cash of "just a tad over $25,000,000," roughly $1.8 million higher than a year earlier; a decline in restricted cash of about $9 million tied to bond proceeds spent on construction of the city’s new police building; and a change in net position for governmental activities of just shy of $4 million. He said business-type activities (water and sewer) showed roughly $353,000 in positive change.
The auditor emphasized that the restricted-cash decline reflected planned capital spending rather than irregularities. "You spent about $10,200,000, well, constructing and finishing off the police building," Beeman said, noting the capital outlay is consistent with the city’s capital plan and funded debt. He added that higher assessed valuation — which he estimated rose by about $66,000,000 — and growth in sales, franchise and property tax revenue contributed to stronger financial results despite ongoing assessment litigation in Jackson County.
Beeman described standard audit procedures performed, including bank confirmations, attorney inquiries about unrecorded liabilities and tests of compliance with state investment statutes. He told the board auditors found no disagreements with management, no difficulties performing the audit and no evidence of "opinion shopping." He encouraged elected officials and the public to read the report’s Management’s Discussion and Analysis (MD&A) for clearer, layman-friendly explanations of the numbers.
The presentation concluded with an invitation to direct any technical questions to the auditors; the board offered no additional questions at the meeting. The audit and MD&A are published with the city’s financial information for public review, Beeman said.
