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Lancaster audit returns unmodified opinion; city posts $18.9 million accrual gain, no findings
Summary
Lancaster's independent 2024 financial audit produced an unmodified (clean) opinion, reported a $18.9 million positive change in net position on an accrual basis, found no reportable findings and recommended management best-practice items including cybersecurity training and capital asset updates.
Lancaster City officials heard an independent auditor report an unmodified opinion on the city's 2024 financial statements at the Dec. 16 council meeting, signaling the auditor's conclusion that the statements are materially accurate and complete.
The auditor reported a positive $18,900,000 change in net position for governmental activities on a full-accrual basis, driven largely by an approximately $10.4 million increase in revenues compared with 2023 and a roughly $800,000 increase in expenses. The audit also showed total governmental net position of negative $107,400,000, a figure the auditor attributed chiefly to…
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