Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Auditors give Creve Coeur an unmodified opinion on FY2024 financial statements
Summary
Sikich principal Victoria Daley told the council the FY2024 audit yielded an unmodified opinion; auditors found no material weaknesses or noncompliance and noted increases in net position and fund balances. The city’s single audit identified ARPA as the major federal program.
Victoria Daley, a principal with Sikich, told the Creve Coeur City Council on Jan. 6 that the firm issued an unmodified opinion on the city’s fiscal year 2024 financial statements, meaning the auditors found the statements to be materially correct and presented in conformity with GAAP.
Daley said the audit did not identify any material weaknesses or significant deficiencies in internal control and that testing found no instances of noncompliance with laws, regulations, contracts or grant agreements. She noted the audit included three reports: the annual comprehensive financial report, the auditor’s communications to the mayor, council and management, and the single-audit report tied to federal expenditures.
The presentation called out several key figures: government-wide total assets and deferred outflows of approximately $108.6 million, liabilities and deferred inflows of about $20.4 million and an ending net position of roughly $88.2 million. On the fund statements, Daley said the general fund had an ending fund balance near $19.5 million (an increase of about $983,000) and total governmental fund balances of roughly $37.2 million (an increase of about $1.4 million). Investment gains and changes to pension reporting also contributed to the year’s net position increase.
Daley said the auditors implemented GASB 100 (accounting changes and error corrections) as a presentation change this year and that the city’s most sensitive audit estimates included depreciation, pension and OPEB liabilities, and fair-value estimates for investments. The single-audit report identified the American Rescue Plan Act (ARPA) as the city’s major federal program, accounting for about 64% of federal expenditures tested.
The audit committee reviewed the reports and had no recommended changes, Daley said. She offered binders of the full report to council members and concluded by inviting questions; none were raised that required additional audit findings.
The council received the presentation for its records and did not take further formal action at the meeting.
