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Auditors give unmodified opinion on FY2024 statements; board approves annual report and budget
Summary
MGO issued an unmodified (clean) opinion on the retirement system’s FY2024 financial statements; the board accepted the audit report, approved the fiscal year 2024 annual report and adopted departmental budgets for FY2025–26 and FY2026–27.
Auditors from MGO told the Retirement Board they issued an unmodified opinion on the financial statements for the year ended June 30, 2024, and reported no material misstatements or disagreements with management.
"We issued our report on November 20, 2024, and we're happy to say that we issued an unmodified opinion on those financial statements," said Craig Harner, partner at MGO. Harner said the firm performed audit procedures over investments and contract structures, reviewed actuarial census data and engaged its own actuarial consultant to review Chiron’s calculations; the auditors reported no findings that required modification of the financial statements.
Following the audit presentation the board voted to accept the fiscal year 2024 audited financial statements and to approve the retirement system’s 2024 annual report, which staff described as summarizing service metrics and financial results for stakeholders. Commissioners then considered and approved the department budget for FY2025–26 and FY2026–27; staff noted the budget is modestly flat to the prior year and includes ongoing IT modernization work and estimates for potential facilities moves that would be considered separately once finalized.
Board members asked clarifying questions about the audit procedures and whether any items had been escalated; the auditor said follow‑up questions were informational and did not affect results. The board moved, seconded and approved both the annual report and the proposed budget by voice vote.
