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Hardeeville council accepts FY2024 audit with clean opinion; one state-law compliance finding corrected
Summary
The Hardeeville City Council accepted its FY2024 audit Dec. 12 after auditors from Malden & Jenkins reported an unmodified (clean) opinion, one timing-related state law compliance finding about bank collateral that has since been corrected, and healthy fund balances and liquidity metrics.
Hardeeville city leaders accepted the fiscal year 2024 audit at their Dec. 12 meeting after auditors from Malden & Jenkins reported an unmodified opinion and only a single, nonmaterial state-law compliance finding.
Trey Scott, presenting the audit on behalf of Malden & Jenkins' Savannah office, said the firm issued a clean (unmodified) opinion on the city's financial statements for the year ended June 30, 2024. He described the finding as a timing issue: a newly opened bank account associated with note proceeds had not been noted as a public deposit and collateralized by the bank as required by state law as of June 30; staff contacted the bank in November and the bank subsequently secured the deposits, Scott said. He characterized the issue as not a material weakness or significant deficiency.
Scott highlighted several fiscal metrics including a citywide net position of about $76 million, revenues that exceeded expenses by roughly $17 million for the fiscal year, a general fund balance near $23 million and roughly seven months of expenditures in fund balance as a liquidity measure. The auditors also reported no problems with ARPA spending and no disagreements with management.
Following the presentation, council moved to accept the auditors' report and approved the motion by voice vote.
The acceptance places the audit on record; staff will proceed with the usual follow-up reporting and GFOA certificate submission processes noted by the auditors.
