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Star council accepts FY 2023–24 audit after auditor flags control lapses
Summary
The Star City Council on Sept. 2 voted unanimously to accept the fiscal year 2023–24 audit. Auditor Jordan Swigart said the financial statements were "materially correct" but reiterated findings that bank reconciliations had not been performed under a prior treasurer.
STAR, Idaho — The Star City Council voted Sept. 2 to accept the fiscal year 2023–24 audit after a presentation from auditors at Swigart John & Associates.
Jordan Swigart, representing Swigart John & Associates, told the council the firm’s opinion is that the city’s financial statements "are materially correct," saying the team traced balances to bank statements and invoices. Swigart reported the general fund balance was about $15,600,000 at fiscal year end and that the city received roughly $22,300,000 in general-fund revenue and about $2,200,000 in park impact fees. He noted a $4,000,000 transfer from impact-fee funds to the general fund and an overall reserve increase of approximately $3,300,000.
Swigart also reiterated internal-control findings the auditors had raised previously, saying that "bank reconciliations weren't being done." He said the issues reflected the prior treasurer’s practices and expected the city’s new finance staff to bring controls back on track and the next audit to be completed on time.
Councilwoman Salmasund moved to accept the audit; Councilman Wheelock seconded. Roll-call votes were recorded as aye by Hershey, Wheelock, (Salmonson/Sominson as transcribed), and Nielsen, and the motion carried.
Mayor Trevor h Chadwick thanked staff and the auditors for completing the audit and said the city would work to maintain timely reconciliations going forward.
What happens next: The council’s acceptance formally closes the audit process for FY 2023–24. Swigart said the city must complete the FY 2024–25 audit by the state deadline and anticipated returning before that deadline if needed.
