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Loomis audit returns clean opinion but flags internal-control gaps and recommends formal reserve policy
Summary
An independent audit gave the Town of Loomis an unmodified ("clean") opinion on its FY2022–23 financial statements but found internal-control weaknesses tied to prior staffing and segregation-of-duties gaps and recommended written reserve and accounting policies, additional accounting personnel, and clearer procedures for grants and developer deposits.
An independent audit of the Town of Loomis’ fiscal year 2022–23 finances delivered a clean (unmodified) opinion but highlighted weaknesses in internal controls and recommended several management and procedural fixes.
Ingrid, the managing partner from the audit firm commissioned by the town, told the council the financial statements were "fairly presented" and that the firm issued an "unmodified or clean opinion" on the statements. The audit team called out a number of areas for improvement tied to staffing and process, not to deliberate misuse of funds.
The audit identified several notable financial balances and trends: $1,500,000 of unearned (deferred) ARPA revenue that must be recognized as expenditures…
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