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Palm Beach Gardens receives clean FY2024 audit, general fund reported healthy
Summary
Independent auditors gave Palm Beach Gardens a clean opinion on the FY2024 financial statements and staff reported a healthy general fund balance with no audit findings; the city also underwent a single-audit for federal award expenditures.
City auditors told the Palm Beach Gardens City Council on Wednesday that the city's FY2024 financial statements "present fairly in all material respects," an auditor's phrase commonly called a clean opinion.
Nicholas Martin, audit senior manager with CBIZ CPAs, reviewed the annual comprehensive financial report for the fiscal year ended Sept. 30, 2024. He highlighted the management's discussion and analysis, government-wide statements and fund financial statements. Martin said the general fund fund balance was reported at about $95.95 million with roughly $60 million considered unassigned and available for use. He also noted the city's required single-audit for federal awards because the city expended more than $750,000 in federal grant funding; the schedule of federal awards showed roughly $5.5 million of such expenditures for FY2024.
Martin told council there were no material weaknesses or significant deficiencies the auditors were required to report tonight. Council members thanked staff for the continued strong financial stewardship and noted the value of a clean audit for public trust and long-term planning.
What this means: A clean opinion indicates auditors did not identify material misstatements in the financial statements presented. Council members said the report supports the city's fiscal health and its ability to pursue capital projects and maintain operations without raising additional assessments.
