Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit 2023 topic
No spam. Unsubscribe anytime.
Yankton City auditors issue clean opinion on 2023 financial statements
Summary
Williams Company presented the 2023 audit to the Yankton City Commission, reporting an unmodified opinion, a $468,000 increase in the general fund, roughly $7 million in federal expenditures with no uniform-guidance compliance findings, and expected TID and capital activity.
Williams Company auditor Graham Forbes told the Yankton City Commission at a work session that the firm issued an unmodified (clean) opinion on Yanktons financial statements for the year ended Dec. 31, 2023. The presentation walked commissioners through the managements discussion and analysis, government-wide statements, fund statements and required audit schedules.
Forbes said the government-wide statements include infrastructure, property and equipment reported at depreciated historical cost; he pointed to a $79,000,000 figure for infrastructure, property and equipment and cautioned that this is a broad net-position measure rather than a liquid resource. At the fund level, the general fund showed a net increase in fund balance of about $468,000 on a budget of roughly $27,000,000. Special capital increased about $2,343,100, and TID No. 12 showed a substantial decrease as project spending began.
The auditor reviewed business-type funds and reported modest changes: water had a small increase in fund balance, wastewater a somewhat larger increase, and the joint power/transfer station declined by about $15,000. Forbes pointed commissioners to the notes to the financial statements for detail on capital-asset policies, leases, outstanding debt and the citys participation in SDRS.
On federal awards, Forbes said the Schedule of Expenditures of Federal Awards shows the city spent a little under $7,000,000 in federal funds during calendar 2023. After required testing under the uniform-guidance requirements, the auditors reported no instances of noncompliance or control weaknesses related to those federal dollars.
Staff told the commission it will recommend formal acceptance of the audit at the next regular meeting. No formal vote on the audit took place during the work session.
The commission asked for clarification of net position components; Forbes reiterated that the $114,976,811 figure combines all city assets (cash, vehicles, infrastructure) less related debt and is not a measure of near-term liquidity. Forbes thanked city staff for their work in getting the city current with audit filings and offered to answer follow-up questions.
Next steps: staff will place the auditors report on a future regular meeting agenda for formal acceptance and will supply any additional details commissioners request from the audit notes.
