Washington Terrace auditors issue clean opinion on FY2024 finances

Nathaniel Corey of accounting firm Kennington Christiansen presented the independent audit for the year ended June 30, 2024, telling the council Washington Terrace received an unmodified — or "clean" — audit opinion. Corey said auditors also issued two supplemental reports covering internal controls and state compliance and that neither report contained any findings requiring corrective action.

The auditor told the council there are three kinds of audit opinions — unmodified, modified and adverse — and that Washington Terrace received the highest standard. He said the internal-controls report did not identify significant deficiencies or material weaknesses in the citys controls, and the state-compliance testing showed the city met the requirements in the areas examined.

Councilmembers thanked the finance staff and auditing team for the work. Corey said the full audit reports were provided to council and that members of the public or council could follow up by email if they had additional questions. The council had already reviewed the audit in a closed work session earlier that evening and heard a fuller run-through of the numbers before the regular meeting.

The audit presentation closes the citys formal year-end review for FY2024; councilmembers noted staff and auditors will continue to address any follow-up questions raised by members or by the public when they request more detail.