Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Independent auditors give Syracuse a clean opinion; flag one $300,000 overage
Summary
Gilbert Stewart CPAs delivered an unmodified (clean) opinion on Syracuse City's FY 2024–25 financial statements, found controls effective and no single‑audit issues; auditors noted one state‑compliance finding: a $300,000 overage in the culinary waterfront fund.
An independent auditor presented Syracuse City's fiscal year 2024–25 audit to the City Council, issuing an unmodified — or ‘‘clean’’ — opinion while flagging one state‑compliance variance.
Ron Stewart of Gilbert Stewart CPAs told the council the audit examined the city’s financial statements, internal controls and state compliance for the period July 1, 2024, to June 30, 2025. "In our opinion, the financial statements... present fairly, in all material respects," he said, describing an unmodified opinion that indicates the statements meet generally accepted accounting principles.
Stewart said the auditors evaluated internal controls through interviews and walk‑throughs and found the controls were designed and working effectively; no material weaknesses or significant deficiencies were identified. Because the city’s federal expenditures exceeded the single‑audit threshold ($750,000), the firm also performed single‑audit procedures and found no federal compliance findings.
The auditor identified one finding in state compliance: the culinary waterfront fund was over budget by $300,000. Stewart recommended that the city review the affected budgets during upcoming budget amendment work to maintain compliance with state procedures.
Council members did not ask follow‑up questions during the presentation. Stewart praised city staff by name for their responsiveness during the audit. The audit presentation was informational; no council action was required that evening.
