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Auditors issue unmodified opinion on 2023 finances, flag journal‑entry material weakness
Summary
External auditors told the council the city—s 2023 financial statements received an unmodified opinion but flagged a material internal‑control weakness tied to journal‑entry timing; they also noted a $42 million net position deficit driven by retiree health liabilities and confirmed no single‑audit findings on ARPA and CDBG.
Greg Evans, partner at the Bonadio Group, told the City Council that the firm had issued an unmodified opinion on the city—s financial statements for the year ended Dec. 31, 2023, meaning the statements are "fairly stated in all material respects," he said. Evans noted the statements show $226 million in capital assets, about $40 million in net pension liabilities and a $42 million net position deficit driven largely by retiree health obligations.
Evans said the general fund—s unassigned balance stood at $8.9 million,…
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