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Council reviews FY2024 audit; auditors flag impact-fee mispostings and prior-period asset restatement
Summary
Auditors presented the fiscal-year 2024 report, reporting overall revenue growth and reserves but identifying a material internal-control finding: impact fees were misposted to building-permit receipts. The audit also restated beginning capital balances after previously unrecorded developer-donated assets were added to the books.
City Council received the independent audit for the fiscal year ending June 30, 2024, at a regular meeting where auditors summarized financial growth, a prior-period restatement tied to developer-donated assets, and a material internal-control finding related to impact-fee accounting.
The audit presentation, delivered by an auditor who identified themself as "Craft," described the firm's opinion and key highlights. "You all have a claim or what we call a modified opinion," Craft said while explaining the auditor's report language for certain governmental and business-type activities. Craft said auditors did not find material misstatements in the audited statements for the areas reviewed but that certain reporting adjustments were necessary.
Among the balance-sheet highlights, auditors reported cash increased by roughly $1.5 million (about 7%) over the prior year and noted the city has an unrestricted fund balance of about $6.2 million, which the…
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