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Annual audit: Lynchburg receives clean opinion; schools show year-end adjustments and one material weakness
Summary
Brown Edwards reported an unmodified (clean) opinion for the city and combined schools financial statements; auditors noted one material weakness in school year-end accounting and two budget line-item overspends tied to late state bonus funding.
The city’s external auditors told the Lynchburg City Council they will issue an unmodified — or "clean" — opinion on the city's combined financial statements for the year, while noting limited findings at the schools.
Chris Banta, partner in charge with Brown Edwards, said: "In our opinion, the financial statements ... present fairly in all material respects," and commended city staff for completing the audit on time despite federal compliance guidance delays that pushed the federal portion of…
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