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Cherryville auditors give city an unqualified opinion; council hears increase in reserves
Summary
City auditors delivered an unqualified (clean) opinion and reported an increase in the city’s unassigned general fund balance to roughly 38% of annual expenditures, an increase of about $687,000 from the prior year; council thanked auditors and had follow-up questions about grant compliance and bond-related funds.
The Cherryville City Council heard from the city’s auditors, who delivered an unqualified audit opinion and reviewed the city’s fiscal position for the year. Julie, the presenting auditor, said the audit found no instances of noncompliance requiring modification and that federal and state grant activity required a single-audit review.
Julie reported the city’s unassigned general fund balance as stated in the audit and said it increased by about $687,000 from the prior year and represented roughly 38.4% of general fund expenditures. Council members asked for confirmation of the percentage change; Julie confirmed a 7 percentage-point increase from the prior year. ‘‘Our audit opinion is unqualified,’’ Julie said, describing the opinion used by the city.
Julie noted the audit’s compliance section documents the grant monies that triggered the single audit and that staff had answered auditor questions during their fieldwork. Council members thanked the auditors for their work.
Next steps: the audit will be posted with the city’s financial documents; council did not take formal action on the audit at the meeting but accepted the presentation and directed staff to retain the audit on file for public review.
