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Town and Country audit finds unmodified opinion; fund balance rose $3.7 million largely from ARPA
Summary
City officials reported an unmodified (clean) audit, a $3.7 million increase in governmental fund balance driven mainly by unspent ARPA funds, and a single-audit requirement after federal funding exceeded $750,000; auditors identified internal-control items staff said they have addressed.
The Town and Country Board of Aldermen heard the city’s annual audit on July 8, when the finance director reported the city received an unmodified (clean) opinion from CliftonLarsonAllen LLP.
The finance director said the management discussion and analysis shows a $3,700,000 increase in fund balance for governmental funds from the prior year, and she attributed almost all of that increase to unused American Rescue Plan Act (ARPA) funds that remain on the revenue side until spent. “Almost all of that is the ARPA money in the general fund portion,” the finance director…
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