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Council approves FY2024 audit after auditors report 'clean opinion'
Summary
City Council unanimously approved the city's fiscal 2024 comprehensive financial audit after auditors from Padilla Brown and Hill reported an unmodified ("clean") opinion, healthy fund balances and no single-audit findings on the HOME grant.
The City Council on March 24 unanimously approved the annual comprehensive financial audit for fiscal year 2024 after auditors reported a clean opinion on the city's financial statements.
Chris Pruitt, an audit partner with Padilla Brown and Hill, told the council the firm issued an unmodified, or "clean," opinion and that "a third party can rely upon these financials as being free of material misstatement." He highlighted the city's unassigned general-fund balance of $6,500,000, saying that figure represents a "healthy number" for the city's finances.
Pruitt summarized key budget outcomes: the city received about $396,000 more in revenue than anticipated and spent roughly $1,100,000 less than budgeted, with a net negative of $31,000 attributed to an expected capital-related debt issuance that did not occur. He said the utilities (water, sewer and electric) show healthy unrestricted net positions and described the statistical and compliance sections of the report as providing 10-year trend context.
The auditors also conducted a single-audit because the city received more than $750,000 in federal funding. "The grant that we looked at was your HOME Investment Partnerships Program," Pruitt said, and he reported that testing produced no findings.
A council member asked whether any risks were identified; Pruitt said potential risks are discussed in the auditor's letter but that the audit produced no reportable findings. Council member Mr. Etorca moved to approve the audit; Miss Ramirez seconded. The council voted in favor and the motion carried.
The audit and accompanying letters also note forthcoming accounting pronouncements and other standard communications auditors provide each year; the city will submit the report for consideration for the Government Finance Officers Association's certificate of achievement for excellence in financial reporting.
