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Cedar Rapids receives clean FY2024 audit; one prior‑year accounting correction disclosed
Summary
An independent auditor delivered unmodified (clean) opinions on the City of Cedar Rapids' FY2024 financial statements and single audit compliance, noting one prior‑year correction tied to capital‑asset bookkeeping; auditors found no federal program internal control findings and reported no payroll anomalies.
The Cedar Rapids City Council on Feb. 11 received a presentation of the city’s FY2024 audit from Brad Tyson of I. Bailey, who said the firm issued unmodified opinions on the financial statements and on federal program compliance.
Tyson told the council the audit produced a clean opinion but included an "emphasis of a matter" paragraph to disclose a correction of an error in how capital assets had been recorded in prior years in the DoubleTree by Hilton Fund and the Alliant Energy Powerhouse. "We have a clean opinion over the financial statements that were presented," Tyson said.
The auditor outlined the standards applied — generally accepted auditing standards (AICPA), Government Auditing Standards, requirements under Title 2 of the U.S. Code of Federal Regulations (the single audit), and an airport passenger facility charge review — and said the firm performs work focused on material account balances rather than every transaction.
Tyson said the firm identified no internal control findings in the single audit, and an auxiliary payroll data‑analytics test performed under the contract returned no significant anomalies. He also noted upcoming accounting guidance (GASB Statement 101) affecting compensated‑absence accruals that the city will need to consider.
City council members thanked the audit team and city staff for timely cooperation and management's responsiveness during the audit process. The presentation concluded with staff noting ongoing communications and training resources available from the auditors.
The audit presentation was informational; no council action was required at the meeting.
