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Albany City committee receives FY24–25 financial report; auditor issues clean opinion amid prior‑period cleanup
Summary
The Audit & Fiscal Sustainability Committee received Albany City’s FY24–25 Annual Comprehensive Financial Report, which earned an unmodified opinion from the external auditor. Officials said a $482,000 prior‑period payroll clearing‑account adjustment and several one‑time items reduced the reported general fund but were described as implementation cleanups rather than ongoing deficits.
The Audit & Fiscal Sustainability Standing Committee of Albany City on Jan. 14 received the city’s FY24–25 Annual Comprehensive Financial Report and heard from staff and the external auditor that the report carries an unmodified (clean) opinion.
"We have an unmodified opinion," said auditor Sheldon Tfahn, summarizing the audit’s outcome and adding that the engagement produced no material misstatements, material weaknesses, or significant deficiencies. Finance Director Rena Schwartz introduced the report and answered committee questions.
Committee members pressed staff on a prior‑period payroll liability adjustment. "When you see that restatement, $482,000, keep in mind we're dealing with a $4,000,000 tolerable misstatement amount," Tfahn said, explaining the figure arose from payroll clearing accounts that did not reconcile after the city’s financial‑system implementation and…
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