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Fayetteville City auditors issue unmodified opinion; pension transfer to LOPFI alters year‑end disclosures
Summary
External auditors told Fayetteville City leaders they will issue an unmodified opinion on the city’s financial statements and state-law compliance, but a December transfer of the fire pension to LOPFI changes measurement dates and produced deferred inflows/outflows that auditors are finalizing before issuing the report next week.
Speaker 4, an external auditor, told the board the audit team expects to issue the city’s audit report next week once deferred inflows and outflows related to a pension transfer are reconciled.
Speaker 4 said the city transferred its firefighter pension assets to the state plan administered by LOPFI in December, a move that changed the plan from a single‑employer plan to an agent multi‑employer plan. That transfer requires the city to apply GASB 67 measurement‑date rules and add related disclosures and resulted in deferred inflows and outflows that the audit team and city staff are completing.
Speaker 5, the presenting auditor, said the firm will issue an unmodified (clean) opinion on the financial…
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